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OTTAWA - Ottawa has given its blessing to the sale of properties" P% ?! q; b8 l) E7 |
owned by Athabasca Oil Sands Corp. to a Chinese company.
, \) r; [$ K3 r2 Z Federal Industry Minister Tony Clement says he has reviewed the7 W) u0 h2 P, n+ o4 V4 w9 n6 ?
deal between Athabasca and PetroChina International Investment Co.; l' K) i5 r, e% x( t( [, q
Ltd. and finds its is likely to be of net benefit to Canada.
: K& s8 u2 s2 g, t" L. S Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: k3 R' w8 _/ A7 n5 `. A: Umade a number of significant commitments should they be allowed to
; X( G# R- F* N2 iacquire control of the MacKay and Dover oil sands projects.& w1 L+ Z: g( `, w; l
Among other things, the Chinese concerns have agreed to capital
$ S; A, \7 C5 `$ Jexpenditures in excess of $250 million for developing the properties
* A/ X5 c' I; Yover the next three years.# _3 m) E; l2 @2 ~
They have also pledged to increase employment levels in Canada as8 Z0 {5 D; {/ p, _8 y9 t, q
they develop the projects over the next three years and to maintain% T8 \4 e X* S$ }
an Alberta head office for operating companies associated with the
5 n, W3 @- k4 ]) H% \: y# J' }& J, ~projects for the next five years.
+ z# o- w y; f: I6 o# ?; d) Q (The Canadian Press) |
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