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OTTAWA - Ottawa has given its blessing to the sale of properties
, m) R" h/ x6 q0 Powned by Athabasca Oil Sands Corp. to a Chinese company.
: X9 ]& U$ ~, y Federal Industry Minister Tony Clement says he has reviewed the) | Y8 K: q* F; k X- E
deal between Athabasca and PetroChina International Investment Co.
& M! c; U, @! W8 @& G OLtd. and finds its is likely to be of net benefit to Canada.
9 H# o* Q( @( ^5 p4 ~. { Clement says PetroChina and its parent, PetroChina Co. Ltd., have: S; `# |- o, q) F# R6 H
made a number of significant commitments should they be allowed to
% c$ B3 W% N/ Jacquire control of the MacKay and Dover oil sands projects.
7 ` q8 A! _: t. e5 Y Among other things, the Chinese concerns have agreed to capital
0 p, ?0 ~4 F q3 T$ H$ Hexpenditures in excess of $250 million for developing the properties
2 t+ V) T1 @9 l1 Kover the next three years.
, O3 d; t( J! X: O They have also pledged to increase employment levels in Canada as y+ w0 q" j. A; C, e9 K4 ], H
they develop the projects over the next three years and to maintain
2 K: k+ ]: ]& w! @. Q' [" }an Alberta head office for operating companies associated with the
- D, M7 i! F2 [projects for the next five years.
! e$ j/ Q0 p$ T6 h2 ?+ q (The Canadian Press) |
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