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OTTAWA - Ottawa has given its blessing to the sale of properties4 X4 q7 I- P, K0 P
owned by Athabasca Oil Sands Corp. to a Chinese company.5 \& [) L6 p% D* B
Federal Industry Minister Tony Clement says he has reviewed the
; y1 I+ ^# F! ^" p3 b" ]- @deal between Athabasca and PetroChina International Investment Co.
8 v7 ^% o' S& ~5 N: G7 u$ E1 M: gLtd. and finds its is likely to be of net benefit to Canada.- P, L1 G! E$ ?4 x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ c+ A7 Q! Z. O: x+ A
made a number of significant commitments should they be allowed to
; U/ o ^) [2 l4 ~+ n$ \acquire control of the MacKay and Dover oil sands projects.
! l3 L9 y X/ z. U Among other things, the Chinese concerns have agreed to capital
+ x8 V* n* E/ w: T7 P$ wexpenditures in excess of $250 million for developing the properties# j. g" X4 f }
over the next three years.9 J% z Q x! Q# C
They have also pledged to increase employment levels in Canada as- K% D& }( `$ m1 p {, u4 S% F
they develop the projects over the next three years and to maintain5 \1 O0 ?' U Z g2 W+ W+ c
an Alberta head office for operating companies associated with the3 x7 |1 ^' C& X9 Q" r3 h
projects for the next five years.
( y. j( G9 s- e; w* c( a (The Canadian Press) |
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