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OTTAWA - Ottawa has given its blessing to the sale of properties! X6 ?0 E) L; L3 X. g5 }
owned by Athabasca Oil Sands Corp. to a Chinese company.
: K2 U& b% Y6 E! n- e Federal Industry Minister Tony Clement says he has reviewed the
" `% b! o, W0 m; S; Kdeal between Athabasca and PetroChina International Investment Co.
0 e3 l$ m5 G& D/ B$ k+ e/ j) H2 S$ }Ltd. and finds its is likely to be of net benefit to Canada.9 U4 R7 p. ~! H* f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% F/ F) x3 b; s |8 X# k/ gmade a number of significant commitments should they be allowed to
/ K8 e# `6 \: D5 V, R* Gacquire control of the MacKay and Dover oil sands projects.
& J. }: P2 P) v8 J% f0 ^" y9 @: c Among other things, the Chinese concerns have agreed to capital
`1 t! @& i: r- f* S# ?expenditures in excess of $250 million for developing the properties3 t3 @3 d V5 a( Y* v4 U! I6 v
over the next three years.
* V8 D# _& q; i! w; O; }3 h) M They have also pledged to increase employment levels in Canada as
2 ^' b+ ?# m& kthey develop the projects over the next three years and to maintain: X3 l: Z& K4 H. t
an Alberta head office for operating companies associated with the. Z4 |# [3 t, H3 z" h
projects for the next five years.! M0 w- U' y7 ^$ \" D- E
(The Canadian Press) |
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