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OTTAWA - Ottawa has given its blessing to the sale of properties
" T$ j2 Z+ e9 S3 Nowned by Athabasca Oil Sands Corp. to a Chinese company.; ]- n. T" w4 @. ?% ]
Federal Industry Minister Tony Clement says he has reviewed the
, Z- H" ~& N% _* J( o# bdeal between Athabasca and PetroChina International Investment Co.
, f& {1 D4 p; f' u+ D7 iLtd. and finds its is likely to be of net benefit to Canada.1 P# e( [8 e( Q' d! ]5 Z D t
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! o( A" j2 q' t! r) F9 Imade a number of significant commitments should they be allowed to z7 Z! A+ E5 |1 {3 |0 g& O1 _
acquire control of the MacKay and Dover oil sands projects.
2 |' [* H: ~0 _, \( ^2 K% ? D( z Among other things, the Chinese concerns have agreed to capital# {- ~1 B/ y; R- Z2 V! B4 X5 M H
expenditures in excess of $250 million for developing the properties
% P8 d' s( d4 I; N0 T6 g; `, Nover the next three years.7 V0 d) z$ x+ B4 V7 {- }
They have also pledged to increase employment levels in Canada as
+ E% J" f* s0 y$ Wthey develop the projects over the next three years and to maintain5 b* n$ J G/ w* X, h9 W2 b) C
an Alberta head office for operating companies associated with the9 Z. h, U) j* s
projects for the next five years.
+ O* _& V1 |9 v ?0 e7 U (The Canadian Press) |
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