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OTTAWA - Ottawa has given its blessing to the sale of properties/ W: s" k* j6 q1 X6 O3 }
owned by Athabasca Oil Sands Corp. to a Chinese company.( g j5 X* A9 ^1 S; {
Federal Industry Minister Tony Clement says he has reviewed the
( q" V/ c/ A6 i# i; Cdeal between Athabasca and PetroChina International Investment Co.
( L E% D# \! o6 _8 n6 s' t" V: uLtd. and finds its is likely to be of net benefit to Canada.9 g- v" q( w$ g
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ n& R+ K0 z# \. I5 q$ U, c
made a number of significant commitments should they be allowed to
3 D' ~$ M1 a3 s* Q0 jacquire control of the MacKay and Dover oil sands projects.6 k( l# w d" G# ~- o0 `# |
Among other things, the Chinese concerns have agreed to capital0 s; S5 E& c3 y
expenditures in excess of $250 million for developing the properties
, y& ]7 g1 h3 U; P% Q, M9 u5 dover the next three years.
* F9 D" \$ g! u- y8 t( \ They have also pledged to increase employment levels in Canada as0 R s+ D2 ]' j6 O- {! W8 [
they develop the projects over the next three years and to maintain7 i: L# e a$ |6 @9 Q+ t- T- T' M+ t
an Alberta head office for operating companies associated with the
% D- [8 m; s; u+ h8 {7 l9 `# Xprojects for the next five years.
! Q1 q) d6 G. q! o1 L (The Canadian Press) |
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