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OTTAWA - Ottawa has given its blessing to the sale of properties
+ s) Z4 E. G# k- v$ J; ?owned by Athabasca Oil Sands Corp. to a Chinese company.* i/ _/ z1 L: H w8 C
Federal Industry Minister Tony Clement says he has reviewed the+ O- I; J+ I, R6 z, v6 M( A
deal between Athabasca and PetroChina International Investment Co.8 [( {0 `( K3 T
Ltd. and finds its is likely to be of net benefit to Canada.
* x% X9 L' c. M6 G Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. a6 n8 U! S0 E, q1 h& t1 Zmade a number of significant commitments should they be allowed to
( r- C' i% J9 g D/ m# tacquire control of the MacKay and Dover oil sands projects.3 M+ `; j! u; h2 l% x
Among other things, the Chinese concerns have agreed to capital
" r0 K o, x2 a& N) fexpenditures in excess of $250 million for developing the properties. p$ F1 o2 ^' s4 P
over the next three years.+ ?7 \+ z) X, U
They have also pledged to increase employment levels in Canada as
5 T7 ~0 q4 a) f$ N" K! Ythey develop the projects over the next three years and to maintain( E& _2 ^- j) b( W% @
an Alberta head office for operating companies associated with the J9 K. A* J6 ^) y/ c
projects for the next five years.
# X: w' K5 V1 V4 }# r (The Canadian Press) |
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