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OTTAWA - Ottawa has given its blessing to the sale of properties0 X8 i6 n$ S6 l' L% R
owned by Athabasca Oil Sands Corp. to a Chinese company.
2 ~# y, d1 n5 y Federal Industry Minister Tony Clement says he has reviewed the
( c$ Q7 f( M* F( }! _" o* b a' Wdeal between Athabasca and PetroChina International Investment Co.
) t% \8 U$ T, `3 c3 RLtd. and finds its is likely to be of net benefit to Canada.
5 _5 { V( t& X) z" F7 ?/ o5 o8 z Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 B/ t2 I4 p5 I( u/ N' ]. d2 ]
made a number of significant commitments should they be allowed to$ P5 p9 m# p5 I
acquire control of the MacKay and Dover oil sands projects.3 u4 V4 Q, a1 p! a6 a% D; d1 {' y
Among other things, the Chinese concerns have agreed to capital
8 Q: D2 r- y: A x+ _expenditures in excess of $250 million for developing the properties
# n C* M; j) Q+ C" p. O5 C5 _ ^ _over the next three years.4 z) M/ G ^) N: H6 Z) K
They have also pledged to increase employment levels in Canada as
' {. B( G: X! t; ethey develop the projects over the next three years and to maintain
! H/ n- Z) g; B5 B( s2 L: _an Alberta head office for operating companies associated with the& l6 P$ z' P" F% D# [) f* u# f
projects for the next five years.
# C# u7 P8 Q+ ~. ^9 K6 d( l (The Canadian Press) |
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