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OTTAWA - Ottawa has given its blessing to the sale of properties
. s# T4 b! w1 z2 @5 k7 f8 n& X+ ?* ] `& ~owned by Athabasca Oil Sands Corp. to a Chinese company.
- @+ X6 Q9 ]" ^) R) ^ Federal Industry Minister Tony Clement says he has reviewed the
" I n$ s( V- T) [/ \" l( h" `deal between Athabasca and PetroChina International Investment Co.
1 L* ^" H7 X8 v9 Q% ALtd. and finds its is likely to be of net benefit to Canada.; ^$ M" L% o3 o" Z1 c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 r! J0 M, w# X1 @$ L4 P; wmade a number of significant commitments should they be allowed to. W1 M& Y1 O4 x" n* y5 F
acquire control of the MacKay and Dover oil sands projects.( Q8 o% M. h6 f" p3 F8 F
Among other things, the Chinese concerns have agreed to capital% s q7 y3 C- Q6 h
expenditures in excess of $250 million for developing the properties* ]6 G% k- X, F
over the next three years.
' Q- S F, _0 q; G They have also pledged to increase employment levels in Canada as
* }1 [. c- Q. L! Z( \1 lthey develop the projects over the next three years and to maintain' H; k: w# P, B9 Y
an Alberta head office for operating companies associated with the
! Y7 [/ ~( y( q. wprojects for the next five years.
* z0 z, U2 J3 Y. N# }& I (The Canadian Press) |
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