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OTTAWA - Ottawa has given its blessing to the sale of properties
. ^3 H9 k3 K/ ]. ?8 j1 S3 r& `owned by Athabasca Oil Sands Corp. to a Chinese company.
4 V& Z5 ~/ e- S# M6 b5 s Federal Industry Minister Tony Clement says he has reviewed the4 L2 c3 }5 C, [9 M; U
deal between Athabasca and PetroChina International Investment Co.
5 O8 \' g- S3 VLtd. and finds its is likely to be of net benefit to Canada.' f8 @( V9 R0 D4 k. w
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, p( t& O" V' M1 f9 ~. O9 S h; y
made a number of significant commitments should they be allowed to
. g7 s& L' m" L' G. _& Iacquire control of the MacKay and Dover oil sands projects.) _/ Q5 B3 y2 P- N' @& G0 h; t
Among other things, the Chinese concerns have agreed to capital. J) N9 C- v5 C) u U8 W
expenditures in excess of $250 million for developing the properties
8 @( c- w, @) E/ |over the next three years.
6 u" D. K4 \( _, I) a/ Z! \" h They have also pledged to increase employment levels in Canada as) u* j t/ a: P
they develop the projects over the next three years and to maintain1 V% z% V/ L+ Y
an Alberta head office for operating companies associated with the
; u6 D2 p- d* A' Q& F' [) {8 D0 v! tprojects for the next five years.
9 o% e4 p: n- ? (The Canadian Press) |
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