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OTTAWA - Ottawa has given its blessing to the sale of properties
( V. V- a% [. B+ a. Vowned by Athabasca Oil Sands Corp. to a Chinese company.
" e# M6 W) ]$ I. A3 T1 \ Federal Industry Minister Tony Clement says he has reviewed the
7 u2 e' a% t3 X7 S6 sdeal between Athabasca and PetroChina International Investment Co.
- e' d/ p1 b3 M6 ]" @, ?3 ] O1 ZLtd. and finds its is likely to be of net benefit to Canada.: y/ T& l& X* G
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& d' ^0 \$ I5 h" p+ ]) K' U& b9 `
made a number of significant commitments should they be allowed to
) |) b( ?0 B o3 J1 A& kacquire control of the MacKay and Dover oil sands projects.
2 d$ x# G# ?! o7 f Among other things, the Chinese concerns have agreed to capital; w4 l0 H# B: I4 R% v0 D) x
expenditures in excess of $250 million for developing the properties
# B2 o, v6 C: Q0 Y6 h7 Xover the next three years.
, O" m4 E7 Y, U/ J" B They have also pledged to increase employment levels in Canada as
2 y8 o1 z- F# \; U; Ythey develop the projects over the next three years and to maintain
' R) N) R: q7 N" x" `an Alberta head office for operating companies associated with the: Q& R0 @$ t" u" `" h1 U7 o2 X$ c
projects for the next five years.0 @* z8 G. n# o! {0 i
(The Canadian Press) |
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