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OTTAWA - Ottawa has given its blessing to the sale of properties) W6 W$ ]6 S7 }- c$ p
owned by Athabasca Oil Sands Corp. to a Chinese company.* u q! l5 Y/ y
Federal Industry Minister Tony Clement says he has reviewed the! L3 j5 d( V0 ^
deal between Athabasca and PetroChina International Investment Co.
4 h8 b7 X' W7 Z1 T; G6 @# n! YLtd. and finds its is likely to be of net benefit to Canada.
P& a1 L; m3 d2 R0 z Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 x: `/ p. X5 [
made a number of significant commitments should they be allowed to9 u: P: ^+ j& l. ]
acquire control of the MacKay and Dover oil sands projects.! i- U# W5 Y) q; }# Y& |; b4 a, d
Among other things, the Chinese concerns have agreed to capital5 ~, C4 Y4 P* K1 @5 i2 E- Y
expenditures in excess of $250 million for developing the properties/ R. \$ H5 w* d: A
over the next three years.- S# O4 y i0 c$ K8 I1 R
They have also pledged to increase employment levels in Canada as
! ^& a% m [9 w8 N4 z; ~they develop the projects over the next three years and to maintain3 j1 O3 a( F. h/ k
an Alberta head office for operating companies associated with the+ N* Y5 o0 w! l
projects for the next five years." ^' a0 H9 Y# c/ S4 O
(The Canadian Press) |
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