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OTTAWA - Ottawa has given its blessing to the sale of properties
! e6 x* {* a. k7 ?6 ?2 l2 jowned by Athabasca Oil Sands Corp. to a Chinese company.
8 @7 j2 _ D' S$ Y Federal Industry Minister Tony Clement says he has reviewed the2 f8 x |4 A- a3 ^, f
deal between Athabasca and PetroChina International Investment Co.' ^4 u* w* w4 \
Ltd. and finds its is likely to be of net benefit to Canada., P2 d& _4 r( k) ~' C" X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 s; R. g3 {5 x
made a number of significant commitments should they be allowed to
2 S4 h* W4 A; W: m Racquire control of the MacKay and Dover oil sands projects.' |6 q7 t, v, k0 ^- p' S. a7 f
Among other things, the Chinese concerns have agreed to capital
7 n) Y4 @; m0 G0 Bexpenditures in excess of $250 million for developing the properties
5 Q9 I6 l. J# M3 }" F* Sover the next three years.8 O+ R' T, ?4 Y5 {0 u
They have also pledged to increase employment levels in Canada as
2 }8 p. d/ V# z& N) f0 f. Kthey develop the projects over the next three years and to maintain4 z2 p4 U- ?% d+ _
an Alberta head office for operating companies associated with the
" N J! i4 [( h: u8 x$ S" x- j2 aprojects for the next five years.
$ P; u0 V7 X- N7 C (The Canadian Press) |
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