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OTTAWA - Ottawa has given its blessing to the sale of properties
, c9 G7 p& b' a7 |# X1 b4 P" Aowned by Athabasca Oil Sands Corp. to a Chinese company.
7 T, I6 Z( E) N+ o, r1 d n Federal Industry Minister Tony Clement says he has reviewed the+ h# }( k8 t) r$ G" `
deal between Athabasca and PetroChina International Investment Co.! {: ^. D( c* r% k# q
Ltd. and finds its is likely to be of net benefit to Canada.
( r! y4 T8 l. N& \: C4 F Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 S. m {2 e4 @+ t! Jmade a number of significant commitments should they be allowed to
7 o* N. O6 I( I* f0 G& Bacquire control of the MacKay and Dover oil sands projects.
: R) R% ?, g+ d( ]* u( O Among other things, the Chinese concerns have agreed to capital
^3 V5 J' \2 Bexpenditures in excess of $250 million for developing the properties
u& b2 U C2 |$ _; {) \over the next three years.6 [9 i. W# t9 {" d+ @# y# _
They have also pledged to increase employment levels in Canada as4 t6 S, G" i$ S9 H1 Z X y. ?
they develop the projects over the next three years and to maintain; Q Q: ]) h0 Z! @& }1 M; P) o$ t
an Alberta head office for operating companies associated with the
7 \7 T d8 a2 f: N0 q; rprojects for the next five years./ T! i" ?, A- x$ i
(The Canadian Press) |
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