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OTTAWA - Ottawa has given its blessing to the sale of properties
+ t' j! u! h2 \7 [& C6 L5 W2 N0 powned by Athabasca Oil Sands Corp. to a Chinese company." r2 G+ h2 U/ l5 J
Federal Industry Minister Tony Clement says he has reviewed the
+ S( u5 u6 {5 {* {, S1 S/ Mdeal between Athabasca and PetroChina International Investment Co.1 I, A1 C: \9 B
Ltd. and finds its is likely to be of net benefit to Canada.
& h x" p, C# D5 ]* {6 k. u, n1 O Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 @: |6 H+ ?+ Q! x! gmade a number of significant commitments should they be allowed to# O- g% {; c5 a' y& V" O
acquire control of the MacKay and Dover oil sands projects.& t" { j* S& }, E* p& w# i/ T% I
Among other things, the Chinese concerns have agreed to capital+ J6 B5 C9 h5 u5 T7 h! I8 o* I& j
expenditures in excess of $250 million for developing the properties
: L. d" |; T S1 Q. n4 V4 n! Z5 B- aover the next three years.
: ?9 L- T$ P+ G! @ They have also pledged to increase employment levels in Canada as. d9 m7 `4 m( k0 t
they develop the projects over the next three years and to maintain
|- |& k1 \, d* D4 ]: z1 t% van Alberta head office for operating companies associated with the. U4 g# C" x/ }7 w
projects for the next five years.
6 d$ {! i: r. ~ (The Canadian Press) |
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