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OTTAWA - Ottawa has given its blessing to the sale of properties
- e0 R# }/ N& D- R3 kowned by Athabasca Oil Sands Corp. to a Chinese company.
" F; N% |3 n# ?( ?8 y% ?; O Federal Industry Minister Tony Clement says he has reviewed the
7 J- S3 A' \ n8 t e( g7 fdeal between Athabasca and PetroChina International Investment Co.
' s: Z% B d/ JLtd. and finds its is likely to be of net benefit to Canada." S6 Y$ k- L4 N+ ]+ q3 B6 T `) u
Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 I. s. K8 j- r- o% D
made a number of significant commitments should they be allowed to- c5 d5 B; I2 g, q
acquire control of the MacKay and Dover oil sands projects.
- E' c- D t0 e z Among other things, the Chinese concerns have agreed to capital/ a) {6 t, \ S, ?* i
expenditures in excess of $250 million for developing the properties& d8 L+ Y: |) X: m( Z/ r
over the next three years.
. z" s6 i. c. Y& Y They have also pledged to increase employment levels in Canada as4 v: B4 V1 O B( j+ F+ u
they develop the projects over the next three years and to maintain0 A6 j3 t5 O0 L8 F4 W- j
an Alberta head office for operating companies associated with the; g7 P2 E1 D+ r/ b4 I
projects for the next five years./ Y5 c u1 ]5 ^4 X
(The Canadian Press) |
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