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OTTAWA - Ottawa has given its blessing to the sale of properties
; U( ^& u3 v# B! v' f. ~, \owned by Athabasca Oil Sands Corp. to a Chinese company.' X& r X- H6 _! H6 {4 I2 f
Federal Industry Minister Tony Clement says he has reviewed the. e* Y1 h- M+ f3 V+ k& l
deal between Athabasca and PetroChina International Investment Co.5 D3 \5 J6 v0 ]- p0 g! D" b+ ]6 }8 `
Ltd. and finds its is likely to be of net benefit to Canada.
% T& e. T9 `; D$ A* a Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 i2 d3 a' _! ]2 z/ N- umade a number of significant commitments should they be allowed to3 z7 Q9 u* K2 w* g' Y0 c' S
acquire control of the MacKay and Dover oil sands projects.( v6 F3 x$ W" ]- f
Among other things, the Chinese concerns have agreed to capital2 R& A# E. i9 o; J6 v* l4 I3 E
expenditures in excess of $250 million for developing the properties
& `3 I l7 }" Yover the next three years.
7 ?: r/ X' j" n1 x They have also pledged to increase employment levels in Canada as% W; x: b1 M: c& b* ^
they develop the projects over the next three years and to maintain/ @9 w) L. d- [: J% P" u3 H/ \
an Alberta head office for operating companies associated with the: n1 i U* {' F, }
projects for the next five years.
$ p: p2 S4 t( o6 ^& [( U; h (The Canadian Press) |
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