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OTTAWA - Ottawa has given its blessing to the sale of properties
, l7 U& v7 R' @$ U7 \. u& x. K/ K0 Aowned by Athabasca Oil Sands Corp. to a Chinese company.2 c& Y, B5 ~# u' i' T% u
Federal Industry Minister Tony Clement says he has reviewed the' s R( }! C' ]. D4 Q
deal between Athabasca and PetroChina International Investment Co.
$ `0 O: P& d. lLtd. and finds its is likely to be of net benefit to Canada.
; t* m% L0 R# c7 J" M) h" Q Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 {& h1 R6 H8 Q. [9 O2 n2 ?
made a number of significant commitments should they be allowed to
/ A) r% C4 ~$ @4 gacquire control of the MacKay and Dover oil sands projects., l( h8 Y+ d/ l
Among other things, the Chinese concerns have agreed to capital
* |$ h6 P Q4 T8 hexpenditures in excess of $250 million for developing the properties
+ C2 q( p3 F% h+ @% z! Eover the next three years.' K, j$ L& L/ t# M( k
They have also pledged to increase employment levels in Canada as
4 O* ?3 _) [( s8 P: k- Q; K8 Othey develop the projects over the next three years and to maintain7 _9 S% L2 h8 X4 n+ |5 c$ d
an Alberta head office for operating companies associated with the
8 L, m( U9 F5 X9 h" I" Q/ W9 Wprojects for the next five years.& C% f' C, |5 s- x
(The Canadian Press) |
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