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OTTAWA - Ottawa has given its blessing to the sale of properties& t* N+ L7 u/ z2 Z; F% x! P
owned by Athabasca Oil Sands Corp. to a Chinese company.( z, ]6 p2 ?* W/ Y* z" q
Federal Industry Minister Tony Clement says he has reviewed the
- n, {0 K3 i; Gdeal between Athabasca and PetroChina International Investment Co.3 |& _/ [$ D" q; c3 S- b% t3 f
Ltd. and finds its is likely to be of net benefit to Canada.
# X1 L" j/ P9 M2 P6 {# k6 h; h/ U& _3 O Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 g6 V% @$ l6 W9 i* C) z- m' Tmade a number of significant commitments should they be allowed to* N3 E6 [5 e, ^. g
acquire control of the MacKay and Dover oil sands projects.
" _9 k- y# _, {5 S% } Among other things, the Chinese concerns have agreed to capital8 h, R- K* t3 S- n
expenditures in excess of $250 million for developing the properties
8 t% P8 Y/ P* X* }over the next three years.! F9 @% G4 c% ?. n3 J
They have also pledged to increase employment levels in Canada as
( t8 O8 a7 c% t- Jthey develop the projects over the next three years and to maintain' _$ R l) Y1 M9 o* k4 g- c
an Alberta head office for operating companies associated with the
; N5 q7 M% F0 mprojects for the next five years.
, Y2 C$ b9 B5 M% d0 F/ U/ Q# |5 F9 t (The Canadian Press) |
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