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OTTAWA - Ottawa has given its blessing to the sale of properties
* Z# `: v( y6 Y9 ?0 Nowned by Athabasca Oil Sands Corp. to a Chinese company.
& I# B9 A( Y2 v; F Federal Industry Minister Tony Clement says he has reviewed the& C3 {, z0 s1 A5 H! Z
deal between Athabasca and PetroChina International Investment Co.+ O1 _! g3 H& W
Ltd. and finds its is likely to be of net benefit to Canada.
! N9 o+ [7 I+ v Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# ^ ~8 e V4 x+ Q' F k0 }. D) qmade a number of significant commitments should they be allowed to
) \! U% I# l; x. q5 l- [/ M0 d5 d0 V9 `acquire control of the MacKay and Dover oil sands projects.
" Z7 w- B* R$ v1 r J Among other things, the Chinese concerns have agreed to capital
; M/ v* Y3 g5 i( B: }expenditures in excess of $250 million for developing the properties
* e9 X# \$ A6 K Z$ {5 E5 |over the next three years.+ G9 Z4 L K, @/ I
They have also pledged to increase employment levels in Canada as% E( d+ W6 W2 _: s
they develop the projects over the next three years and to maintain {5 |. y t1 Z; c2 u2 [, q# I
an Alberta head office for operating companies associated with the( w0 K6 P7 I: j8 ^& r0 T) c. {
projects for the next five years.
' ]" i; ~2 z7 V0 d u+ u/ R (The Canadian Press) |
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