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OTTAWA - Ottawa has given its blessing to the sale of properties
& F0 M) ~( Q! ?. ~1 K7 e1 \ b# jowned by Athabasca Oil Sands Corp. to a Chinese company." q9 \' J: J- T1 I1 g3 U
Federal Industry Minister Tony Clement says he has reviewed the' R" K$ `+ r4 P% t2 |
deal between Athabasca and PetroChina International Investment Co.+ g% j H4 {$ O/ m& p
Ltd. and finds its is likely to be of net benefit to Canada.
9 e7 R; ^* h, n/ ]! c* r% q# | Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. K5 |1 d& t8 v7 S1 Amade a number of significant commitments should they be allowed to
6 R3 t3 Y4 \; k3 e" racquire control of the MacKay and Dover oil sands projects.$ _7 S7 U& t$ J; E, y' v+ }
Among other things, the Chinese concerns have agreed to capital6 _& C6 R( R+ h/ c# I* O
expenditures in excess of $250 million for developing the properties
l7 r- `7 W/ o9 Z" Eover the next three years.
7 t" S( |/ `6 R9 m They have also pledged to increase employment levels in Canada as n2 O9 b$ y) p) Q$ z5 [- B
they develop the projects over the next three years and to maintain
8 b, J& Z; u( f# T/ Han Alberta head office for operating companies associated with the( V5 q! W4 o. i+ g% [) T
projects for the next five years." U- f6 p6 q6 W* l: j
(The Canadian Press) |
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