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OTTAWA - Ottawa has given its blessing to the sale of properties
' e2 G* R( U7 M* ^owned by Athabasca Oil Sands Corp. to a Chinese company.
! q% J5 T1 d* k0 k [ P% n, t Federal Industry Minister Tony Clement says he has reviewed the/ ?3 P/ f% F! J( o9 c) |* \ y% c
deal between Athabasca and PetroChina International Investment Co.. \$ y* U9 S: K% z, X( D
Ltd. and finds its is likely to be of net benefit to Canada.
0 c6 D5 P( ]9 |- W) o+ @1 i% d Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( x `6 A. v" V2 Y3 U3 K, [made a number of significant commitments should they be allowed to" C4 p1 M9 J" w" l6 C B% n
acquire control of the MacKay and Dover oil sands projects.
9 W1 K7 F1 o9 _9 M; I1 O9 \9 Q Among other things, the Chinese concerns have agreed to capital
3 Z# w8 ?: I c: y+ n0 l* vexpenditures in excess of $250 million for developing the properties9 C( g& ?* d6 n: @2 h
over the next three years.
7 x( R/ o- n/ q- m They have also pledged to increase employment levels in Canada as
. g# f1 k: k3 T# m* O( H# P* F) Fthey develop the projects over the next three years and to maintain
# k$ b3 E& a4 R# Y+ Qan Alberta head office for operating companies associated with the5 S) g- B( E4 I$ t0 v+ y: }: M) h
projects for the next five years., O/ T5 M! a% @4 s8 F
(The Canadian Press) |
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