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OTTAWA - Ottawa has given its blessing to the sale of properties* m( m' l& e' c# I/ R9 K3 b- O
owned by Athabasca Oil Sands Corp. to a Chinese company.
7 O% P3 q4 C/ h# V: X. @ Federal Industry Minister Tony Clement says he has reviewed the; F* f4 ^; m. i# h, r
deal between Athabasca and PetroChina International Investment Co.( p0 f0 F- ^7 _% E, Z! d
Ltd. and finds its is likely to be of net benefit to Canada.
5 e0 @ `9 M o# s4 x4 J( D* Q( b7 C Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ J1 z* I7 p% c# omade a number of significant commitments should they be allowed to1 I) \4 U( G z
acquire control of the MacKay and Dover oil sands projects.
6 j# d$ V8 m0 U2 j, m1 D! \ Among other things, the Chinese concerns have agreed to capital
, R6 p0 m) l; F/ O3 Hexpenditures in excess of $250 million for developing the properties; {/ V+ |6 w% i( W1 N @$ G2 e
over the next three years.6 c; l& O0 C7 @( m& r
They have also pledged to increase employment levels in Canada as
8 F; @% c8 C6 v$ }8 D- N }( ythey develop the projects over the next three years and to maintain
; C+ M& u+ k4 F) C; San Alberta head office for operating companies associated with the
2 p" d* J# L: U5 b3 r. ^3 W( Hprojects for the next five years.
6 S- A% O5 y- M& O+ A7 t (The Canadian Press) |
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