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OTTAWA - Ottawa has given its blessing to the sale of properties) S1 @. W- _8 I* ?, T
owned by Athabasca Oil Sands Corp. to a Chinese company.
u6 n0 J5 w9 t6 [0 s% w Federal Industry Minister Tony Clement says he has reviewed the
; _+ X/ {! E0 q& [5 [) ~6 odeal between Athabasca and PetroChina International Investment Co.# r, }2 h2 {$ Q4 O4 J5 k
Ltd. and finds its is likely to be of net benefit to Canada.
8 k# w: g* E% C. x- O Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 ?# [6 ~$ ^4 @0 p: N
made a number of significant commitments should they be allowed to
9 H' a: Q# Q2 e+ w# \: Pacquire control of the MacKay and Dover oil sands projects.& E) j; e$ Y1 B0 d+ O& D( a
Among other things, the Chinese concerns have agreed to capital2 ]! k- P1 ^, Q% H% M; v t
expenditures in excess of $250 million for developing the properties
3 w" T- h; V9 d! K% R6 Rover the next three years.% h; n, P6 ?8 z2 J
They have also pledged to increase employment levels in Canada as& q% p* k+ `- [
they develop the projects over the next three years and to maintain
& L, m. L7 ?( t6 Z" can Alberta head office for operating companies associated with the
! R" C% o |+ g1 I/ W. e0 vprojects for the next five years.
' v/ n a O7 P+ S8 ^6 U (The Canadian Press) |
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