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OTTAWA - Ottawa has given its blessing to the sale of properties
, ?, n; a7 T. A" `, N! z$ n( L" Z* Mowned by Athabasca Oil Sands Corp. to a Chinese company.
3 b' h* E/ P; m* b9 w5 K6 Z" v4 Z Federal Industry Minister Tony Clement says he has reviewed the
' Z: q. O# E& }2 p/ Ndeal between Athabasca and PetroChina International Investment Co.
+ N# x- C5 ]6 DLtd. and finds its is likely to be of net benefit to Canada.
0 i" n$ G2 Y n _: I* o: [$ k Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 L5 @3 T- e6 t, O* n
made a number of significant commitments should they be allowed to
/ z6 P- W5 y5 tacquire control of the MacKay and Dover oil sands projects.. V% E+ _5 h; d, c( g% t( Q
Among other things, the Chinese concerns have agreed to capital- g- Q# j7 D; F$ K3 U c, a$ F
expenditures in excess of $250 million for developing the properties
& t& q9 h6 H) Q" o ?over the next three years.
+ |. |* Q, J( X( ?' B" H1 `$ d) c They have also pledged to increase employment levels in Canada as8 p( T/ l( X/ } |1 B& b3 y
they develop the projects over the next three years and to maintain
) x5 J' L3 }3 }/ Ean Alberta head office for operating companies associated with the$ F3 p: X* l: y( J
projects for the next five years.
# V: [* e7 I- P* C (The Canadian Press) |
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