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OTTAWA - Ottawa has given its blessing to the sale of properties5 {/ ]% T- T, I! @2 ~6 v
owned by Athabasca Oil Sands Corp. to a Chinese company.! E9 @5 J6 a7 n& }) n* ^$ c/ G8 D
Federal Industry Minister Tony Clement says he has reviewed the4 r2 M9 z- C: }2 ~
deal between Athabasca and PetroChina International Investment Co.
/ [/ r7 }0 C {" {Ltd. and finds its is likely to be of net benefit to Canada.
1 z4 i& v1 H6 a2 z' ` Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! Q" [/ {' z. L, q% K9 C! ]made a number of significant commitments should they be allowed to
4 V; Q$ Y/ N: u) p+ _acquire control of the MacKay and Dover oil sands projects.# Q U& i( G F" T3 T7 O
Among other things, the Chinese concerns have agreed to capital. F8 c- A. d+ X( d
expenditures in excess of $250 million for developing the properties
* y' H- ]1 W. ~% vover the next three years., O8 Z! n0 s% d$ E
They have also pledged to increase employment levels in Canada as% l7 H! A6 O6 A
they develop the projects over the next three years and to maintain! f0 b& v; e$ E, Q( @8 q; z
an Alberta head office for operating companies associated with the
c" r# O+ ~4 S8 h# } A9 B; iprojects for the next five years.
; c& s5 p3 g6 n- [) S (The Canadian Press) |
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