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OTTAWA - Ottawa has given its blessing to the sale of properties
0 V1 [( O8 W1 x$ towned by Athabasca Oil Sands Corp. to a Chinese company.
$ n W, P, ], P# @) s Federal Industry Minister Tony Clement says he has reviewed the
, H: @9 q, X% ?deal between Athabasca and PetroChina International Investment Co.
/ f' J* T& o" L1 iLtd. and finds its is likely to be of net benefit to Canada. ~" S* `8 N/ [2 F7 v `8 n1 ?
Clement says PetroChina and its parent, PetroChina Co. Ltd., have- S1 V& n' r# K& ~ G
made a number of significant commitments should they be allowed to
4 ]% z$ D" ~! J8 ]5 aacquire control of the MacKay and Dover oil sands projects.3 v! H7 G3 e- F; _& w, ~5 V$ H
Among other things, the Chinese concerns have agreed to capital
7 f: w P) ?; D' F% ^; ~expenditures in excess of $250 million for developing the properties
N( X+ C/ ]$ K2 pover the next three years. H$ h. c1 j0 o4 p1 C1 K5 I6 v
They have also pledged to increase employment levels in Canada as
7 H+ Z; H- y; g- Q" X! p1 _they develop the projects over the next three years and to maintain% z% a& P% p) A6 b8 I
an Alberta head office for operating companies associated with the
/ s4 |# W+ ~" s& \ _projects for the next five years.
4 ?, m2 ]% B! |! S, m- ] (The Canadian Press) |
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