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OTTAWA - Ottawa has given its blessing to the sale of properties- ?* f4 y" W2 j( w# j
owned by Athabasca Oil Sands Corp. to a Chinese company.# p$ @' `3 G3 ^8 L5 }
Federal Industry Minister Tony Clement says he has reviewed the
8 e$ l3 S1 S6 F2 ]deal between Athabasca and PetroChina International Investment Co.' }9 q- W# [ K; Y4 }" I8 I
Ltd. and finds its is likely to be of net benefit to Canada.
9 q& e$ A7 t+ W8 k Clement says PetroChina and its parent, PetroChina Co. Ltd., have* M- v: x; a# F& n6 c: G& v- b
made a number of significant commitments should they be allowed to
* b G" n [5 ]8 S, Macquire control of the MacKay and Dover oil sands projects.$ G2 W0 z' r6 }# Q" B
Among other things, the Chinese concerns have agreed to capital5 J# a% T z( k/ B1 [* m
expenditures in excess of $250 million for developing the properties
% f: o' Z# J( ?" u# |over the next three years.
$ V3 z" N+ W8 O& P3 O They have also pledged to increase employment levels in Canada as
2 [5 D* d6 L6 U9 |they develop the projects over the next three years and to maintain) c( n5 S( l: M, }8 a
an Alberta head office for operating companies associated with the
1 F* W) U2 e/ e/ s* k1 K( p* }. {* Sprojects for the next five years./ }7 i0 l6 q9 g; [6 A! ]
(The Canadian Press) |
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