OTTAWA - Ottawa has given its blessing to the sale of properties + N7 B' z7 ~0 [! R8 o% l" {2 mowned by Athabasca Oil Sands Corp. to a Chinese company. ! \* F6 Z/ l& x$ E& h Federal Industry Minister Tony Clement says he has reviewed the+ k0 q# N6 P& Y* b
deal between Athabasca and PetroChina International Investment Co.& Z' Y' B$ t) y2 ]6 ]
Ltd. and finds its is likely to be of net benefit to Canada. : Q8 w+ \* s2 i, ?9 N Clement says PetroChina and its parent, PetroChina Co. Ltd., have ! ^1 J. U7 I+ W/ Y, emade a number of significant commitments should they be allowed to) ?' E3 W" H+ P. T9 q5 O
acquire control of the MacKay and Dover oil sands projects.: T; d; ?" Q3 i" L( g
Among other things, the Chinese concerns have agreed to capital" T2 x F4 h2 Q8 j! C, F
expenditures in excess of $250 million for developing the properties 8 p8 e N7 e% F& v* Z1 g4 X) Nover the next three years. 9 J. g8 h- z. K* [2 O+ Q Z They have also pledged to increase employment levels in Canada as B2 D5 ?% K$ Q5 A% ^; P$ ?they develop the projects over the next three years and to maintain+ a$ V* o' N2 b( S- L2 P0 e1 \
an Alberta head office for operating companies associated with the$ _2 z* ~ |0 j* d5 d1 b
projects for the next five years.% ^9 l3 T/ Z* Q' z5 W6 |
(The Canadian Press)