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OTTAWA - Ottawa has given its blessing to the sale of properties
6 z' `2 Z4 d. fowned by Athabasca Oil Sands Corp. to a Chinese company.1 j, w t2 Y0 p8 _
Federal Industry Minister Tony Clement says he has reviewed the
0 ^% o1 b6 t7 pdeal between Athabasca and PetroChina International Investment Co.
& e& L& q' [9 B6 [+ NLtd. and finds its is likely to be of net benefit to Canada.
' H) @; p' d! ?2 y Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 y1 i& e& Y( X
made a number of significant commitments should they be allowed to
5 ^$ R# U K- t/ ]) E) A4 Sacquire control of the MacKay and Dover oil sands projects." d; D9 u5 @8 L$ L0 j' W' H
Among other things, the Chinese concerns have agreed to capital, b; b; o) P+ l: n" Z
expenditures in excess of $250 million for developing the properties
, K0 C# U8 w* w8 N$ N! ^9 Yover the next three years.; X( x' m+ F2 U9 F) d
They have also pledged to increase employment levels in Canada as
) G, S5 [! l! |they develop the projects over the next three years and to maintain
1 u* I, m! P4 a/ ban Alberta head office for operating companies associated with the2 z' F* A+ L, C5 \% t0 m
projects for the next five years.
$ y$ t1 R* ^4 ~. [0 B (The Canadian Press) |
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