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OTTAWA - Ottawa has given its blessing to the sale of properties
% r7 Y! |9 ]" o% k* ^; }* O: \! m/ Zowned by Athabasca Oil Sands Corp. to a Chinese company.* K( _/ e+ t/ _0 m6 G0 ~
Federal Industry Minister Tony Clement says he has reviewed the" X& S& @9 c+ q8 l$ A* P
deal between Athabasca and PetroChina International Investment Co.
4 l# i" [# [0 b1 RLtd. and finds its is likely to be of net benefit to Canada.9 {( Q. y" ~- _7 O
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 E: `3 W4 `0 J, V" Y* _( Qmade a number of significant commitments should they be allowed to
3 ]4 {7 s4 ~- }7 L8 h% }acquire control of the MacKay and Dover oil sands projects.
~% S* I! P. A. R( B$ b& U+ h Among other things, the Chinese concerns have agreed to capital9 i6 a1 _& E/ b* h
expenditures in excess of $250 million for developing the properties
6 n0 w) E3 H2 j- ]- zover the next three years.
9 R! W% }) i5 h% R/ c They have also pledged to increase employment levels in Canada as
& m E3 I! p' V r! I& _" R& jthey develop the projects over the next three years and to maintain
8 u7 `7 o3 [1 |- Zan Alberta head office for operating companies associated with the
( q+ e6 \" a1 \" uprojects for the next five years.! N, j0 l4 ^ ^! v* U, g
(The Canadian Press) |
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