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OTTAWA - Ottawa has given its blessing to the sale of properties! V3 R2 g( ^6 F t' S
owned by Athabasca Oil Sands Corp. to a Chinese company.2 G1 h8 U( Y" q4 e
Federal Industry Minister Tony Clement says he has reviewed the2 Y8 O# o; i! Y- G! x$ Y8 o
deal between Athabasca and PetroChina International Investment Co.1 ~" Y$ p. z: H h6 l0 S* B8 d# V
Ltd. and finds its is likely to be of net benefit to Canada.
1 ]+ V$ n: ~5 u& u+ e1 V Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; r9 o1 t, i* U7 v! k. j0 C5 Xmade a number of significant commitments should they be allowed to2 E" @+ y& X+ ]) r8 A
acquire control of the MacKay and Dover oil sands projects.: x& l- t" h! B$ d. c
Among other things, the Chinese concerns have agreed to capital
2 R- J* l" T" oexpenditures in excess of $250 million for developing the properties* D2 m% s/ j5 z! q
over the next three years.
, w+ J# E& \2 m9 f3 S They have also pledged to increase employment levels in Canada as
6 W8 y8 W; S1 j0 m1 D6 othey develop the projects over the next three years and to maintain
# |- b K r V2 T$ Yan Alberta head office for operating companies associated with the3 T, I; ?& t. h8 N Y2 {* p
projects for the next five years.
2 G+ @- h! K/ Y' w t- [3 N- a' s- ] (The Canadian Press) |
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