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OTTAWA - Ottawa has given its blessing to the sale of properties6 ~0 \" Q0 I, v
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 z. V- {# U0 V I/ w1 r. X: Z- L Federal Industry Minister Tony Clement says he has reviewed the: y8 `' P7 B8 ~' W
deal between Athabasca and PetroChina International Investment Co.
- m/ |1 w, V5 \, E0 w1 }; r* tLtd. and finds its is likely to be of net benefit to Canada.
" O5 l3 ^( c1 `, s, r Clement says PetroChina and its parent, PetroChina Co. Ltd., have# C9 d8 v8 m5 |6 [
made a number of significant commitments should they be allowed to
9 O8 ]- ] I& cacquire control of the MacKay and Dover oil sands projects.* M/ y' F4 i8 N; r$ U6 t3 W6 Y8 v0 F
Among other things, the Chinese concerns have agreed to capital
3 X) |) f- A: K& n4 b5 Sexpenditures in excess of $250 million for developing the properties! c5 R0 [8 x4 c$ u
over the next three years.$ l* y9 u5 P0 n* j3 q- A
They have also pledged to increase employment levels in Canada as$ F/ t: A& ?$ G( j+ q
they develop the projects over the next three years and to maintain
; h5 A' c! E% _! _2 Zan Alberta head office for operating companies associated with the. N6 i) U/ [$ e$ q' C" K& S
projects for the next five years." Z ^' T* l5 _0 [1 |& K% u
(The Canadian Press) |
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