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OTTAWA - Ottawa has given its blessing to the sale of properties
; [- O0 \5 h' K5 e6 X4 u3 uowned by Athabasca Oil Sands Corp. to a Chinese company.
% \! P: \7 r6 K- R6 c8 C2 n6 I9 a Federal Industry Minister Tony Clement says he has reviewed the! `. I# c2 E! g0 m% F" F, \
deal between Athabasca and PetroChina International Investment Co.; u M+ J4 m9 K1 P# q' B9 w' |
Ltd. and finds its is likely to be of net benefit to Canada.
6 N2 |* z4 ]2 w7 o0 a6 L/ ~ Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 l3 m0 z- { V4 l1 _/ C
made a number of significant commitments should they be allowed to
& y( Z5 O5 D6 B, \ m9 @acquire control of the MacKay and Dover oil sands projects.# d/ Q2 n9 F1 S1 @$ k+ l9 l
Among other things, the Chinese concerns have agreed to capital+ t8 z3 c+ s4 X( @; h# e ]) y
expenditures in excess of $250 million for developing the properties
0 p, U& }8 E* z/ } tover the next three years.# C: v3 v2 M# w
They have also pledged to increase employment levels in Canada as4 L( h* C! }) N$ D
they develop the projects over the next three years and to maintain
/ F5 Q! @0 O5 r3 ]1 C- J. Uan Alberta head office for operating companies associated with the9 ~- a: {; A& q: S3 V
projects for the next five years.
; p! m) G7 m9 E; h: R (The Canadian Press) |
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