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OTTAWA - Ottawa has given its blessing to the sale of properties
/ X- X5 q9 g% Q8 c( C* `owned by Athabasca Oil Sands Corp. to a Chinese company.
& s, r8 z5 d! n Federal Industry Minister Tony Clement says he has reviewed the
: g6 j% M1 i q8 c5 y/ L+ G, edeal between Athabasca and PetroChina International Investment Co.
) H2 [5 d- M( j' QLtd. and finds its is likely to be of net benefit to Canada.7 Z8 B) e" l. p1 _% ^+ ]" r
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ f+ Q" S+ W/ e- e4 _9 `
made a number of significant commitments should they be allowed to
( F" j; n9 c6 d2 @# H: Vacquire control of the MacKay and Dover oil sands projects.
& C9 p( b1 ~/ c2 p- z1 m$ F' J# h/ G2 o Among other things, the Chinese concerns have agreed to capital f+ ?( Z5 u) g n
expenditures in excess of $250 million for developing the properties" X4 I% n3 H. K" }0 Z$ ]
over the next three years.
; l$ n ~/ j/ c) S0 i They have also pledged to increase employment levels in Canada as$ m) a2 A! [! x$ j/ V5 ]+ x
they develop the projects over the next three years and to maintain
# g0 Z5 M! h+ |an Alberta head office for operating companies associated with the V: b* M* s6 ?, }. }
projects for the next five years.
, s4 G. P# B* @ (The Canadian Press) |
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