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OTTAWA - Ottawa has given its blessing to the sale of properties
; j$ x5 H1 Z7 t; B2 Lowned by Athabasca Oil Sands Corp. to a Chinese company.& s, r4 u, U" I2 O1 l
Federal Industry Minister Tony Clement says he has reviewed the, q1 f& z6 W; s3 s8 ?+ M
deal between Athabasca and PetroChina International Investment Co.
3 t/ T# }; \1 k, O- u' u' W* tLtd. and finds its is likely to be of net benefit to Canada., F, U4 r/ H! H' w
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 x2 k8 C% R/ R: C; Emade a number of significant commitments should they be allowed to [, T/ A4 g" B: w5 C
acquire control of the MacKay and Dover oil sands projects.
' v o& y1 I3 A- v, B- S9 O Among other things, the Chinese concerns have agreed to capital8 V0 I, W" u% r" F7 D* a' o
expenditures in excess of $250 million for developing the properties; n5 u S7 d/ y
over the next three years.
: \+ Z4 {% P& ?, D" ~# w0 f' O/ r They have also pledged to increase employment levels in Canada as+ u, w8 R z+ T2 `( X1 D+ @
they develop the projects over the next three years and to maintain# O3 F8 U2 a; u. }# F, _
an Alberta head office for operating companies associated with the1 {1 H m2 g- Z' p
projects for the next five years.
7 f4 b: W* G- Q (The Canadian Press) |
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