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OTTAWA - Ottawa has given its blessing to the sale of properties
% Z8 k2 p6 l C/ `9 Rowned by Athabasca Oil Sands Corp. to a Chinese company.* |4 e6 [" j% M+ `4 j
Federal Industry Minister Tony Clement says he has reviewed the5 D' A+ l. ?+ V0 N! b
deal between Athabasca and PetroChina International Investment Co.
9 U9 \4 Y! n$ CLtd. and finds its is likely to be of net benefit to Canada.) C& Y0 q* f5 q( G% h5 ?2 Q, J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, r% f' U0 N, }8 ymade a number of significant commitments should they be allowed to& T( q( r) c! N6 w8 G
acquire control of the MacKay and Dover oil sands projects.$ }1 m* r$ `9 ?5 k
Among other things, the Chinese concerns have agreed to capital
3 b: t* r9 Q& k" \. Oexpenditures in excess of $250 million for developing the properties, k% S! o0 |) d% _' b' U8 L, }
over the next three years.
( q1 J" e1 k) S* w6 r) I They have also pledged to increase employment levels in Canada as
" C7 l' M# C/ y' ~4 P* y' R# X# gthey develop the projects over the next three years and to maintain
* D& o+ p& G0 V6 ^$ ean Alberta head office for operating companies associated with the! |# ?7 z5 r' k" z
projects for the next five years.* B! K& x: {" i' }/ ^+ r7 g* M. V. {+ ?
(The Canadian Press) |
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