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OTTAWA - Ottawa has given its blessing to the sale of properties! o& X/ _% G. q7 L( J5 l
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 @$ H, b0 G! c1 ?% m Federal Industry Minister Tony Clement says he has reviewed the
Y. f- F: B9 Y0 |4 @, `deal between Athabasca and PetroChina International Investment Co., w5 p: Y( @, j+ d2 x' H
Ltd. and finds its is likely to be of net benefit to Canada.
/ p/ b q% O- l% l( T' V/ Y' P Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! V4 q) M% E) f% Umade a number of significant commitments should they be allowed to- L% |4 T [' c6 |
acquire control of the MacKay and Dover oil sands projects.; T; j5 F1 K& t3 W8 G
Among other things, the Chinese concerns have agreed to capital
& U9 J0 y: R, k E1 u# Z) P1 Kexpenditures in excess of $250 million for developing the properties
: m1 V9 Q/ ?, u [over the next three years.7 d) P' ^5 y- ^8 I7 s
They have also pledged to increase employment levels in Canada as3 X8 m! |" p0 x/ P8 J
they develop the projects over the next three years and to maintain
' t4 H" Q+ |2 v; z* Gan Alberta head office for operating companies associated with the( T# r: g& V1 _9 F+ x4 y( @# j
projects for the next five years.- d& a S- }0 r: T2 @# I
(The Canadian Press) |
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