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OTTAWA - Ottawa has given its blessing to the sale of properties- q7 E4 k/ X/ }# H% e+ B( j( O
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ Y& M# l4 ]+ U; D Federal Industry Minister Tony Clement says he has reviewed the
9 h' _4 _( r8 Ddeal between Athabasca and PetroChina International Investment Co.
! Y4 s" e* W |4 W8 e7 zLtd. and finds its is likely to be of net benefit to Canada.8 [: G4 t8 C2 W: c9 t6 ~8 B6 W
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 }2 M6 W' ]$ Fmade a number of significant commitments should they be allowed to7 Q6 J% e( S, V' ~3 {- ^- L! i
acquire control of the MacKay and Dover oil sands projects.
, R. ~6 C1 ~4 _7 b/ r9 l Among other things, the Chinese concerns have agreed to capital1 L# K9 P+ O0 c2 G7 \
expenditures in excess of $250 million for developing the properties
% O! I( @& ^0 D8 d) `over the next three years.
: x/ h6 C) L; G2 l/ a They have also pledged to increase employment levels in Canada as7 q: `- s" F, z/ m3 n5 Y+ k' i3 e
they develop the projects over the next three years and to maintain
9 `6 c8 ?0 `; o7 D, J2 S1 Oan Alberta head office for operating companies associated with the$ o8 M0 x, D/ u; s- T: H; i" N6 k" z
projects for the next five years.3 E9 R1 E' J3 _* }# ^3 O8 p
(The Canadian Press) |
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