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OTTAWA - Ottawa has given its blessing to the sale of properties
+ I& g+ Y' W: h6 Q2 z2 downed by Athabasca Oil Sands Corp. to a Chinese company.& Z3 _0 x- q9 H0 o( i
Federal Industry Minister Tony Clement says he has reviewed the8 j- p6 H& M0 W1 Z# Y3 o/ w
deal between Athabasca and PetroChina International Investment Co.
& n' i$ T: Y5 x. Y- LLtd. and finds its is likely to be of net benefit to Canada.8 g- ~2 S0 e1 D( e3 ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
/ z0 s" z% \+ E5 g ?made a number of significant commitments should they be allowed to
+ x* Q1 s( }8 {2 T# x' T' Z! |acquire control of the MacKay and Dover oil sands projects.
- E) ^& W7 y. U, U$ A Among other things, the Chinese concerns have agreed to capital0 t8 H5 c6 S$ u9 b" G! P* ~
expenditures in excess of $250 million for developing the properties2 V, j, t5 q6 |$ Q3 v# V- Y. ~* L
over the next three years.' Q1 g4 k3 g0 p1 z/ A) A
They have also pledged to increase employment levels in Canada as
$ Q" }& W# T8 ]5 k6 p7 wthey develop the projects over the next three years and to maintain
3 v! Z9 H, o- r- \8 N/ o* F9 `an Alberta head office for operating companies associated with the
# c& b2 y8 Y, Jprojects for the next five years.. J. {6 J+ l W/ O" f, i
(The Canadian Press) |
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