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OTTAWA - Ottawa has given its blessing to the sale of properties9 D# a2 B! }% ^, ?
owned by Athabasca Oil Sands Corp. to a Chinese company.9 q% \, P" d0 z/ U$ ]/ v4 _
Federal Industry Minister Tony Clement says he has reviewed the' Z/ `6 J f/ u7 G
deal between Athabasca and PetroChina International Investment Co.
0 [- Y- n, _" ~* Y0 c) H, KLtd. and finds its is likely to be of net benefit to Canada.' |% l8 E* K4 s3 p# H* P2 W
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ F% G0 y! |& b. ^# x L
made a number of significant commitments should they be allowed to4 [; X; V* ^0 K* x# A2 e9 i
acquire control of the MacKay and Dover oil sands projects.
/ v; n: e( Q5 d9 W# N, l8 C Among other things, the Chinese concerns have agreed to capital p8 e, r. u5 P7 V+ _
expenditures in excess of $250 million for developing the properties
" f% O' Q7 j& r4 ^6 _' H# Z7 aover the next three years.& X+ _2 l( F, k& Z {1 ^2 q, d( p0 Q
They have also pledged to increase employment levels in Canada as3 @& e$ K/ J( C, P
they develop the projects over the next three years and to maintain6 R' a; i# C9 D0 `9 }) v1 P1 N
an Alberta head office for operating companies associated with the
% H5 a, z K9 R. \projects for the next five years.
9 e; b0 s4 r2 \% n) G- p+ K (The Canadian Press) |
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