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OTTAWA - Ottawa has given its blessing to the sale of properties* i. [% }) x* e; a# I
owned by Athabasca Oil Sands Corp. to a Chinese company.
$ f6 |+ M3 l: l% U6 @ Federal Industry Minister Tony Clement says he has reviewed the4 Z9 G2 I5 d7 [( l. Q& i
deal between Athabasca and PetroChina International Investment Co.
3 j$ R: A- c( m: ^Ltd. and finds its is likely to be of net benefit to Canada.
B& [ t' K Z2 U, w- p Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 d% T- R+ D2 d6 fmade a number of significant commitments should they be allowed to3 _, w4 ` I* l+ H( \* Y2 Z
acquire control of the MacKay and Dover oil sands projects.% h1 M/ e3 d( g: d' `2 q) }
Among other things, the Chinese concerns have agreed to capital
, W1 e; L9 Y# g/ \" L7 pexpenditures in excess of $250 million for developing the properties
1 p* V6 r9 ~, a% F: jover the next three years., N( K9 E% E0 h2 r
They have also pledged to increase employment levels in Canada as
; _1 S9 P% i# c# M3 F* uthey develop the projects over the next three years and to maintain* A1 x% x( }: Z
an Alberta head office for operating companies associated with the# n) M( C% G) _$ R# D* j7 y. r
projects for the next five years.
+ R2 }: Z% G g% j3 R& k (The Canadian Press) |
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