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OTTAWA - Ottawa has given its blessing to the sale of properties
* m" {+ X' t/ U8 }owned by Athabasca Oil Sands Corp. to a Chinese company.
0 m+ U: x& _, n. _$ U( C1 i Federal Industry Minister Tony Clement says he has reviewed the( H2 J) O! _+ X" b8 U
deal between Athabasca and PetroChina International Investment Co.) T9 g) |+ {" M0 K: v
Ltd. and finds its is likely to be of net benefit to Canada.& _& u! }3 _3 w3 l: S
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. I6 d/ z1 w2 _: X: V5 s( Qmade a number of significant commitments should they be allowed to
& M' y3 z. E3 u* h) e( Uacquire control of the MacKay and Dover oil sands projects.
8 ^8 P: Q7 _; Y6 s- d Among other things, the Chinese concerns have agreed to capital8 c3 F$ D- S" G9 h( d5 s; O' R4 I
expenditures in excess of $250 million for developing the properties- o' h5 `3 z0 ~. m( {7 R9 n5 ]
over the next three years.1 `4 ^9 Q! F$ ~5 d
They have also pledged to increase employment levels in Canada as" x* B4 _' U0 f9 h/ O/ @- X2 j+ V
they develop the projects over the next three years and to maintain
; R4 |# k( H+ Ran Alberta head office for operating companies associated with the! u" q7 i: l% S1 a: h% ]
projects for the next five years., K) S3 \% \( k, R) f% b; l, {
(The Canadian Press) |
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