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OTTAWA - Ottawa has given its blessing to the sale of properties! J0 u, t0 j6 U( Q5 Z8 H& f
owned by Athabasca Oil Sands Corp. to a Chinese company.
2 U7 O: `" v: s/ E, c: W Federal Industry Minister Tony Clement says he has reviewed the
+ r5 @$ E6 g- a+ ~$ i5 e. Bdeal between Athabasca and PetroChina International Investment Co.
* T( b/ [8 m0 j9 W1 q3 D; uLtd. and finds its is likely to be of net benefit to Canada.
Z7 z7 n+ f" A7 [1 x8 d9 | Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. @) F$ R% _% h8 ?" Q6 \1 lmade a number of significant commitments should they be allowed to' E* n( |" Z9 q. h2 p/ `
acquire control of the MacKay and Dover oil sands projects.
6 Z2 ~! b" F1 D7 F& O Among other things, the Chinese concerns have agreed to capital* @4 L; A j# L8 @+ O1 ^4 {
expenditures in excess of $250 million for developing the properties
0 J7 s6 D# s% Y+ x3 x8 i' i% Cover the next three years.
) |- K% n4 t, }7 b! }: H% v \! B They have also pledged to increase employment levels in Canada as2 X$ E+ S7 L0 F `
they develop the projects over the next three years and to maintain
9 A8 V) k5 n. a3 ]# y( q9 Ean Alberta head office for operating companies associated with the
9 q( @. q1 C6 O; z# x. t5 Gprojects for the next five years.
, q! _2 T- |5 p/ m: V7 d (The Canadian Press) |
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