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OTTAWA - Ottawa has given its blessing to the sale of properties. `) e! u2 A2 ?
owned by Athabasca Oil Sands Corp. to a Chinese company.
: ]& \1 C4 E' H. M# y. L Federal Industry Minister Tony Clement says he has reviewed the( A3 H$ c; G6 _+ O" p( ^: L
deal between Athabasca and PetroChina International Investment Co.
' U, W- F( }& b: N& ]7 a6 ZLtd. and finds its is likely to be of net benefit to Canada.( K9 Q) Q( u0 v3 j2 q! B
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; w0 O5 g* g) F4 Omade a number of significant commitments should they be allowed to% m. ?) |) p8 I9 |- N
acquire control of the MacKay and Dover oil sands projects.' Q) ^+ D# l D6 {+ X3 T, X
Among other things, the Chinese concerns have agreed to capital9 h# q/ I0 o4 _
expenditures in excess of $250 million for developing the properties- C) z- c2 y# T9 I* ]
over the next three years.$ D1 b N% L& E
They have also pledged to increase employment levels in Canada as1 f* T! I G9 y
they develop the projects over the next three years and to maintain
' U7 K% j; K( E& l6 H5 y/ n+ c! tan Alberta head office for operating companies associated with the
7 p' y) p' L. S v4 M! y+ O: hprojects for the next five years.
% m8 K! `! v- t, g* Q (The Canadian Press) |
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