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OTTAWA - Ottawa has given its blessing to the sale of properties6 c u. d |/ P A3 i0 x# H
owned by Athabasca Oil Sands Corp. to a Chinese company.
4 R* b. C2 u* p, o Federal Industry Minister Tony Clement says he has reviewed the
0 ^* m' n- Z/ ^: odeal between Athabasca and PetroChina International Investment Co.# m' b( E; G! i0 P$ ]0 [ U
Ltd. and finds its is likely to be of net benefit to Canada.
8 V) J6 ]1 g3 E0 j& u& d. I Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 S5 Q" r# A5 C ?3 H3 umade a number of significant commitments should they be allowed to
3 z% ^: @8 B9 I+ F" M& F, Cacquire control of the MacKay and Dover oil sands projects.- Z; |& S3 d; M9 g1 a" p
Among other things, the Chinese concerns have agreed to capital
; R1 Q! X3 U9 ?9 [3 V$ I* T+ r7 uexpenditures in excess of $250 million for developing the properties. y8 S8 v+ N3 {' ^! y6 B
over the next three years.6 }9 J0 g5 c" _2 `7 p
They have also pledged to increase employment levels in Canada as
4 \ E0 Z9 }' h {/ s0 V' e# ~they develop the projects over the next three years and to maintain9 b) c0 X! ]) f7 t, N, G0 e5 }: u9 L
an Alberta head office for operating companies associated with the( ], g# @ Y, y9 D# W; j7 W
projects for the next five years.
: ^+ U }/ E" U- X, y/ ^ (The Canadian Press) |
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