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OTTAWA - Ottawa has given its blessing to the sale of properties r/ E& K! ? q ?8 m4 J# h8 n0 F
owned by Athabasca Oil Sands Corp. to a Chinese company.% @5 z5 A6 @9 k5 Y- `6 d' C% n* J" y
Federal Industry Minister Tony Clement says he has reviewed the
5 Y5 ]1 b6 R- S" Y- D: ~deal between Athabasca and PetroChina International Investment Co.
# s3 O! K# [9 s& `1 m5 A# K) SLtd. and finds its is likely to be of net benefit to Canada.) _0 J7 L; A# v1 b$ G: l/ O
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 t3 W6 q( S' L$ I( B0 fmade a number of significant commitments should they be allowed to
: h3 V6 Y% y4 U6 F* kacquire control of the MacKay and Dover oil sands projects.
2 Y0 U J1 }% y4 L, g, _% ` Among other things, the Chinese concerns have agreed to capital
8 p2 H& V8 |; o( w0 F" [3 J* n5 q* l4 Sexpenditures in excess of $250 million for developing the properties
( u$ }0 a) A; B- l, e" Sover the next three years.. \3 \' V4 @. }9 M+ x. H
They have also pledged to increase employment levels in Canada as% | H* U) j9 ~5 N8 ]" s9 w
they develop the projects over the next three years and to maintain8 ?: P" I" o5 o" ^
an Alberta head office for operating companies associated with the" U9 K* C) e, D, ~3 R
projects for the next five years.$ w) Y+ b( u1 F* q* [' ~+ \
(The Canadian Press) |
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