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OTTAWA - Ottawa has given its blessing to the sale of properties
( L2 @1 z, H. |owned by Athabasca Oil Sands Corp. to a Chinese company.
2 R3 a0 l- s/ w. t! i Federal Industry Minister Tony Clement says he has reviewed the
5 B6 T+ h f gdeal between Athabasca and PetroChina International Investment Co.
. Y7 d, y4 @# f, \' Q/ GLtd. and finds its is likely to be of net benefit to Canada.
" H7 R% [# o l" D5 Y- E# M$ a Clement says PetroChina and its parent, PetroChina Co. Ltd., have' H5 }' m) x+ y4 w: C! }
made a number of significant commitments should they be allowed to: I3 ^7 K9 P8 N. G2 K: K
acquire control of the MacKay and Dover oil sands projects.
# b4 k+ `2 d" r6 J+ a" J4 F1 t Among other things, the Chinese concerns have agreed to capital4 w: t, q* k# x7 C
expenditures in excess of $250 million for developing the properties
* ]; s& @1 K2 l: Jover the next three years.: V0 @% s' ^" \% k ?' m, {
They have also pledged to increase employment levels in Canada as8 v( [, o; \# l; z9 w: \
they develop the projects over the next three years and to maintain
0 ~ i: H) U' F/ G- q7 {an Alberta head office for operating companies associated with the S# w% x. q) a# r% A
projects for the next five years.
# {; F/ a; B# m5 h2 O; g (The Canadian Press) |
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