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OTTAWA - Ottawa has given its blessing to the sale of properties
( T Y+ W/ g" G% e3 Rowned by Athabasca Oil Sands Corp. to a Chinese company.( O) o/ n8 p S5 r( @
Federal Industry Minister Tony Clement says he has reviewed the
' W, [: p5 ^4 M# Cdeal between Athabasca and PetroChina International Investment Co.
, L% Q; V- l+ G2 F8 c1 CLtd. and finds its is likely to be of net benefit to Canada.
! \. V( \7 o/ ^9 O! d Clement says PetroChina and its parent, PetroChina Co. Ltd., have! |/ Q( W! u& R* r
made a number of significant commitments should they be allowed to
, \! L* [8 K1 Gacquire control of the MacKay and Dover oil sands projects.0 d0 o: P5 K; L5 Z
Among other things, the Chinese concerns have agreed to capital9 F1 A: T# V* k* T( H( R
expenditures in excess of $250 million for developing the properties X( Y1 H5 O" a* o! Q8 x; A9 L
over the next three years.1 Z% B" ~, w) M
They have also pledged to increase employment levels in Canada as
2 c; y4 z5 ^1 s8 b- \they develop the projects over the next three years and to maintain
7 |6 l- l' w- |- L5 M/ f" oan Alberta head office for operating companies associated with the$ O Y& Z# h7 ^' j4 g3 b
projects for the next five years.
% p. q) h z& a0 \ (The Canadian Press) |
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