OTTAWA - Ottawa has given its blessing to the sale of properties6 n9 [0 R2 o+ E% r, ~* |
owned by Athabasca Oil Sands Corp. to a Chinese company. 6 u# Q# r* h* E# g Federal Industry Minister Tony Clement says he has reviewed the 9 \6 G! Z/ m# ldeal between Athabasca and PetroChina International Investment Co." v" ?& P) H* N' A) O) V# Y
Ltd. and finds its is likely to be of net benefit to Canada.* q& r5 k8 A1 H2 P. {" e# M) R+ K
Clement says PetroChina and its parent, PetroChina Co. Ltd., have 9 P ^, C2 B: _" |3 Bmade a number of significant commitments should they be allowed to - T( G) A9 K2 k& I3 lacquire control of the MacKay and Dover oil sands projects.0 r: P6 F1 s& t. T# O7 u0 [
Among other things, the Chinese concerns have agreed to capital ) Q3 V; j% B7 d/ b0 i4 Z8 yexpenditures in excess of $250 million for developing the properties" O5 T& m5 V3 E+ C m7 J) ?/ N# W1 ^
over the next three years.8 Q" E* W5 d/ { [
They have also pledged to increase employment levels in Canada as5 {6 H" h" ?. p+ ~1 E
they develop the projects over the next three years and to maintain1 a, [. q8 p$ `6 a% W
an Alberta head office for operating companies associated with the! |, q+ G# l. ]0 R$ e/ _% \
projects for the next five years.2 P9 r9 B+ e+ s5 G' [# D& Q/ t
(The Canadian Press)