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OTTAWA - Ottawa has given its blessing to the sale of properties
0 q( D _- |8 Cowned by Athabasca Oil Sands Corp. to a Chinese company.
* Z, s0 t& }- K1 n! v# R) m Federal Industry Minister Tony Clement says he has reviewed the) V8 r: I. E8 \
deal between Athabasca and PetroChina International Investment Co.
( O" E p) }$ ] x' U. i$ t; YLtd. and finds its is likely to be of net benefit to Canada.* y+ }+ Z! P. U) I6 Z% G/ l" [
Clement says PetroChina and its parent, PetroChina Co. Ltd., have; e% I8 j; N8 U7 H( ^
made a number of significant commitments should they be allowed to
4 J/ Z t1 j8 d4 X" bacquire control of the MacKay and Dover oil sands projects.
5 C, `- f) `0 `8 U& L Among other things, the Chinese concerns have agreed to capital
$ O r8 X/ X% z7 e1 b. ^expenditures in excess of $250 million for developing the properties
+ m9 z1 y" P. mover the next three years.
4 `- ~0 }: b% y8 ^ They have also pledged to increase employment levels in Canada as% b1 M5 a1 g: j% Q2 J( Y" P
they develop the projects over the next three years and to maintain+ q0 Y# U% l( k! C S% w- I
an Alberta head office for operating companies associated with the3 I: V# J" s- z5 @" p
projects for the next five years.' T& e- e9 W% z3 Q0 Z
(The Canadian Press) |
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