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OTTAWA - Ottawa has given its blessing to the sale of properties0 C. c1 t; x3 c
owned by Athabasca Oil Sands Corp. to a Chinese company.
8 @6 q3 F) A/ o" r! J1 v Federal Industry Minister Tony Clement says he has reviewed the1 z) H) ?4 k3 \
deal between Athabasca and PetroChina International Investment Co.# k7 Q s8 T {$ u9 S) u
Ltd. and finds its is likely to be of net benefit to Canada.# v6 l7 V* N9 @. K
Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 T$ v8 @9 N" H- p) W7 P) w0 ~: E
made a number of significant commitments should they be allowed to
) o. Q8 {' o; V4 j/ X4 a' z, G4 U9 P% zacquire control of the MacKay and Dover oil sands projects.' H$ a. o, j) M& {' s- @
Among other things, the Chinese concerns have agreed to capital$ q" j1 `& k) t o( ^# w/ A
expenditures in excess of $250 million for developing the properties# @- }. n2 Z% @ @0 F( p9 m; Y( _6 d
over the next three years., g7 E4 T; j; o! H' [/ ]
They have also pledged to increase employment levels in Canada as# @$ [1 M/ O e, e
they develop the projects over the next three years and to maintain
0 l/ I$ I6 ?# W6 i1 z2 }2 ^an Alberta head office for operating companies associated with the
8 g/ G: @: E4 i, G' Gprojects for the next five years.
5 k1 G2 x5 _, R- L9 W5 q6 g9 }! M (The Canadian Press) |
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