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OTTAWA - Ottawa has given its blessing to the sale of properties
- w1 b4 a6 E% ]0 B' O8 C! A" V+ E' rowned by Athabasca Oil Sands Corp. to a Chinese company.
9 m- }4 I* `! O- x. R6 C2 T/ a Federal Industry Minister Tony Clement says he has reviewed the9 {$ r g2 P0 f$ A
deal between Athabasca and PetroChina International Investment Co.
4 S( A) |6 ?0 {$ N5 n0 t6 ~Ltd. and finds its is likely to be of net benefit to Canada.! X8 G0 [0 c# R4 a; {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* R- s% b/ R) ?& j' C. Umade a number of significant commitments should they be allowed to( k; y! d! h3 Z. ]. ]" B3 n: c( ]( D) S
acquire control of the MacKay and Dover oil sands projects.' ]: t. n. ^3 c' O: o
Among other things, the Chinese concerns have agreed to capital
0 e& L1 Q5 {2 _% b0 y4 Texpenditures in excess of $250 million for developing the properties& l5 k' B6 G# O+ v. l
over the next three years., v( J0 Y5 M& R
They have also pledged to increase employment levels in Canada as0 {1 A) @5 V q" ~! T; c2 A
they develop the projects over the next three years and to maintain1 ?6 [% m, N. ~. N1 _- r% i+ d' v
an Alberta head office for operating companies associated with the
4 _* B' K& y4 |5 lprojects for the next five years.2 h, O6 z: P. n3 Y5 O
(The Canadian Press) |
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