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OTTAWA - Ottawa has given its blessing to the sale of properties
e J) U" H* {* `0 iowned by Athabasca Oil Sands Corp. to a Chinese company.
1 v/ S* c B, I% V Federal Industry Minister Tony Clement says he has reviewed the
" w1 Y; ~) y' ]9 A% q+ L7 xdeal between Athabasca and PetroChina International Investment Co.- Z1 q8 F/ c4 i: Z+ p
Ltd. and finds its is likely to be of net benefit to Canada.# B D' }/ f1 t% [& u
Clement says PetroChina and its parent, PetroChina Co. Ltd., have% E. k$ `$ C: F8 q# M6 A' v& T. y
made a number of significant commitments should they be allowed to
) j) n; R5 Y( p& d H. m1 Aacquire control of the MacKay and Dover oil sands projects.7 k% d( Q2 g G! Q
Among other things, the Chinese concerns have agreed to capital$ Y# z8 K) f, x& \" V i
expenditures in excess of $250 million for developing the properties9 N e, j4 J0 R, F! E l
over the next three years.
$ ^4 K1 [& @5 T0 M4 a They have also pledged to increase employment levels in Canada as
7 J7 n) b3 n- N( L3 k( B- ]they develop the projects over the next three years and to maintain7 c& n4 K$ E+ q# Q8 B* B
an Alberta head office for operating companies associated with the
R8 }7 s/ {9 ^, {. wprojects for the next five years.
4 b. L5 V* e! \ (The Canadian Press) |
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