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OTTAWA - Ottawa has given its blessing to the sale of properties9 a) c& s/ M0 |6 }( W9 J
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ z+ N: C2 ?7 f7 z) q1 S Federal Industry Minister Tony Clement says he has reviewed the/ {5 X" N" d0 T2 S" }2 W F
deal between Athabasca and PetroChina International Investment Co. R I' ~4 l8 c; P1 \8 A
Ltd. and finds its is likely to be of net benefit to Canada.2 T1 p5 K9 o( v1 {6 J. h
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' u; N6 J- j: f3 X6 l
made a number of significant commitments should they be allowed to
* v+ ?0 z4 X; n5 ^) k+ B+ Zacquire control of the MacKay and Dover oil sands projects.' _5 O4 Q& m2 d/ l7 I, P
Among other things, the Chinese concerns have agreed to capital3 M2 A, k, ^2 I( K, N
expenditures in excess of $250 million for developing the properties
_# c M/ n/ b: P4 c7 nover the next three years.
, q6 e8 e7 O- q They have also pledged to increase employment levels in Canada as, e1 M3 k u# B. ^
they develop the projects over the next three years and to maintain" l# b" _8 ?/ h0 K
an Alberta head office for operating companies associated with the
$ Y H( @& C! ]projects for the next five years.
( X' ]( L' L8 B5 a1 h (The Canadian Press) |
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