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OTTAWA - Ottawa has given its blessing to the sale of properties9 N% P* b$ c( D+ b9 g/ s
owned by Athabasca Oil Sands Corp. to a Chinese company.
3 y b0 ?5 Z6 f: p. L* a Federal Industry Minister Tony Clement says he has reviewed the
% l! Z* e* P; x# [) ?$ ~deal between Athabasca and PetroChina International Investment Co.* \& j; R6 Y" P1 A% D: f- T% h* D9 I
Ltd. and finds its is likely to be of net benefit to Canada./ B J3 N, x! f- \2 ] E
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# z' C3 ]. M, N2 }& {
made a number of significant commitments should they be allowed to% M1 h) n1 L: ]8 P# u w) N# |6 m' t
acquire control of the MacKay and Dover oil sands projects.
5 @' i1 ]8 A9 g( T Among other things, the Chinese concerns have agreed to capital: P3 v9 D/ G, A9 ~5 p0 ~# v
expenditures in excess of $250 million for developing the properties
/ S# ?6 x l( x* ^4 Mover the next three years.& m8 R' P' l3 T6 H
They have also pledged to increase employment levels in Canada as; J' L. _/ H; A- v) K" g1 U( Y
they develop the projects over the next three years and to maintain
! l5 i+ J8 L" k* K7 J% ?2 z8 oan Alberta head office for operating companies associated with the
( M) p ?3 b6 ]' I$ d/ D+ w" cprojects for the next five years.& k+ z ?9 N# M" e2 u. X
(The Canadian Press) |
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