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OTTAWA - Ottawa has given its blessing to the sale of properties
. |& H! L3 F# B6 s" x! w4 \owned by Athabasca Oil Sands Corp. to a Chinese company.$ T5 Y+ L, l+ L- @
Federal Industry Minister Tony Clement says he has reviewed the4 h5 B1 t7 @6 W+ ~9 ?
deal between Athabasca and PetroChina International Investment Co.. _5 b" x- ]4 i0 ?" i, }9 V, Q7 ] P
Ltd. and finds its is likely to be of net benefit to Canada.
. E7 t! k5 X% Y: L3 m* Z Clement says PetroChina and its parent, PetroChina Co. Ltd., have F9 L* h& [6 F! b9 j' u
made a number of significant commitments should they be allowed to# t1 e, `5 H- m) t4 l4 w
acquire control of the MacKay and Dover oil sands projects.
8 h! }; O3 J% J' ~. ` s% `# v Y Among other things, the Chinese concerns have agreed to capital! ^1 A; ]( b$ k; A
expenditures in excess of $250 million for developing the properties
! [5 e% _& S$ J. O) y% K! Hover the next three years.( `4 g2 c9 c* o2 d7 C5 ~4 j5 }% ^" b
They have also pledged to increase employment levels in Canada as
9 }# C# w8 \4 p" z) I9 |they develop the projects over the next three years and to maintain7 H9 X5 n- p( c5 _0 q
an Alberta head office for operating companies associated with the
( j9 ~9 B8 N* k4 Hprojects for the next five years.
+ m: a- L$ o3 D3 {/ b (The Canadian Press) |
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