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OTTAWA - Ottawa has given its blessing to the sale of properties8 l( q" @1 v7 h) C
owned by Athabasca Oil Sands Corp. to a Chinese company.* Q3 D6 _: R2 k% z* Y# A! R
Federal Industry Minister Tony Clement says he has reviewed the
* n& B' j7 U* f( s' O2 [+ c5 m# l- qdeal between Athabasca and PetroChina International Investment Co.
r, Q4 T& n) {- y+ nLtd. and finds its is likely to be of net benefit to Canada.
) X& m2 x( X% C u Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 `. M+ n j) [4 Q) D1 u4 D
made a number of significant commitments should they be allowed to
4 R N7 J l! b1 L5 g$ a7 x1 ]4 Q4 ]acquire control of the MacKay and Dover oil sands projects.
, e# ^; c- a) ~* X& B t* ^ Among other things, the Chinese concerns have agreed to capital
8 I8 F, o) x" E" Q+ q7 Gexpenditures in excess of $250 million for developing the properties
% `4 |3 w; o7 h8 rover the next three years.- _& k: L' s, W' D$ a5 e1 V) g
They have also pledged to increase employment levels in Canada as l# y. |3 x9 P4 X; O# o5 Y
they develop the projects over the next three years and to maintain+ f( D2 r: h5 ?: o, `4 G& L
an Alberta head office for operating companies associated with the: }9 [6 _& d* d: D$ }( l% R
projects for the next five years./ c* U% G/ \. u# A) V) t4 }
(The Canadian Press) |
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