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OTTAWA - Ottawa has given its blessing to the sale of properties
$ _. s- U9 x- J7 f1 T1 ? S) }. m b% bowned by Athabasca Oil Sands Corp. to a Chinese company.
8 c! _* v+ L R4 `. e$ k& `4 y4 [4 n Federal Industry Minister Tony Clement says he has reviewed the$ C3 V8 t& w# r1 A
deal between Athabasca and PetroChina International Investment Co.
( z' u( B2 }8 ]# k w1 _Ltd. and finds its is likely to be of net benefit to Canada.
1 @" `& ?. R- d. m3 ?0 x Clement says PetroChina and its parent, PetroChina Co. Ltd., have# G4 k! q9 y8 m: a" K
made a number of significant commitments should they be allowed to0 `' |' ]2 C% \7 g5 U; |2 K$ J$ e* W
acquire control of the MacKay and Dover oil sands projects.
' e3 C1 E% t/ x! k' e& m Among other things, the Chinese concerns have agreed to capital
- A4 ~- r# e7 Fexpenditures in excess of $250 million for developing the properties2 U/ s6 x. G; m+ g* N7 {
over the next three years.
" ~7 O, U S8 q3 O. u$ k; p They have also pledged to increase employment levels in Canada as4 K6 M( q$ X0 p0 \ R
they develop the projects over the next three years and to maintain
* y! s2 o3 D8 B+ t3 ~an Alberta head office for operating companies associated with the. b8 ? z9 u z W; |4 D/ d
projects for the next five years.' j. m W, q9 y9 T b a4 H- K- _
(The Canadian Press) |
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