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OTTAWA - Ottawa has given its blessing to the sale of properties
* K4 D+ r7 w. C' W+ Nowned by Athabasca Oil Sands Corp. to a Chinese company.9 ^/ @7 l6 P3 l; ^
Federal Industry Minister Tony Clement says he has reviewed the5 V. \6 i! ^7 E+ c
deal between Athabasca and PetroChina International Investment Co.
0 @3 i1 m0 E& U( N+ vLtd. and finds its is likely to be of net benefit to Canada.
# y* W1 g9 {7 ^ Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 X+ q. X# q. q9 V9 y' @5 o e w; X
made a number of significant commitments should they be allowed to* X6 H5 o. B" u# {) ?
acquire control of the MacKay and Dover oil sands projects.
# e+ D( D5 [2 h5 v% b% Z% E6 h Among other things, the Chinese concerns have agreed to capital
2 b0 U' x9 M6 ?. z/ |+ Gexpenditures in excess of $250 million for developing the properties
7 A- E- T% Z; [over the next three years.
8 r& w6 x8 `- m$ E4 U: E They have also pledged to increase employment levels in Canada as
9 F3 [3 F$ _1 y; z! r: p! Gthey develop the projects over the next three years and to maintain
2 ? m+ @% E& ]. i3 e; z9 san Alberta head office for operating companies associated with the, {* b* ^- A, D1 \ f S8 P
projects for the next five years.
+ ], I" g% N. \( s' V (The Canadian Press) |
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