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OTTAWA - Ottawa has given its blessing to the sale of properties
8 b8 k5 i @) _owned by Athabasca Oil Sands Corp. to a Chinese company.# H0 z F3 \% N2 v% v
Federal Industry Minister Tony Clement says he has reviewed the
: w1 g, o3 B& E! C1 U6 H7 Q) C$ vdeal between Athabasca and PetroChina International Investment Co.7 u9 F6 G+ b$ e+ j; P9 ^4 O. h
Ltd. and finds its is likely to be of net benefit to Canada.
3 M' u; u9 y0 N7 b. u* }. k Clement says PetroChina and its parent, PetroChina Co. Ltd., have- Z! E8 Q0 X" u2 N* }$ V' j5 U
made a number of significant commitments should they be allowed to" \$ J4 Z0 G! @) T
acquire control of the MacKay and Dover oil sands projects.$ G, U4 ]: v" J) E* J
Among other things, the Chinese concerns have agreed to capital
7 t7 F+ s4 y. D- {. Dexpenditures in excess of $250 million for developing the properties: b9 A6 i$ ]2 H y: t
over the next three years.7 [/ j9 }% C/ F+ M) a
They have also pledged to increase employment levels in Canada as
% Z# w/ }) e, e8 dthey develop the projects over the next three years and to maintain4 E+ o/ b8 j% k6 C) l
an Alberta head office for operating companies associated with the9 w( \* T3 V. p a8 e
projects for the next five years.. f: P3 F( g& O$ @
(The Canadian Press) |
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