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OTTAWA - Ottawa has given its blessing to the sale of properties0 K6 R6 K2 K; H3 U- z
owned by Athabasca Oil Sands Corp. to a Chinese company.
: R2 ]6 N( W# E" P' V8 D$ t# ^ p$ Y Federal Industry Minister Tony Clement says he has reviewed the
- ~% x4 ^* b2 Y; J2 |deal between Athabasca and PetroChina International Investment Co.4 s+ n3 G/ H% K) v" G4 d4 N
Ltd. and finds its is likely to be of net benefit to Canada.
! Q4 ]$ \& |$ W1 {- [! M: [ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
) r' b+ v% [# F/ U2 Z! m2 p kmade a number of significant commitments should they be allowed to
6 ^' k. n- s5 y9 gacquire control of the MacKay and Dover oil sands projects.
3 J" `! q6 g3 u; G* |" _, { G1 w Among other things, the Chinese concerns have agreed to capital, [' N# p4 t$ y
expenditures in excess of $250 million for developing the properties% T! C- n7 j- ?2 V" _: v: _4 w+ f
over the next three years.. R* `/ `" a$ Y+ b% V
They have also pledged to increase employment levels in Canada as4 s( B9 g, l# L( t# K* X. H
they develop the projects over the next three years and to maintain
. e. J. d% t; {8 ~4 Yan Alberta head office for operating companies associated with the8 R" Q! g0 A3 p0 R" s( V# C' J5 v, l
projects for the next five years.) V7 y0 w6 n5 d& V( Q6 v
(The Canadian Press) |
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