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OTTAWA - Ottawa has given its blessing to the sale of properties# `: f, f4 i% u: b% _2 t0 r
owned by Athabasca Oil Sands Corp. to a Chinese company.7 B K6 H; v/ Y
Federal Industry Minister Tony Clement says he has reviewed the" ?5 B5 H2 s3 s P+ I" ]8 j6 D
deal between Athabasca and PetroChina International Investment Co.
6 g1 _4 Z; d$ S4 LLtd. and finds its is likely to be of net benefit to Canada.
# r6 y: O6 M$ W6 ]6 b; R, v5 T Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ a" a# a$ {1 q( N/ s3 ^
made a number of significant commitments should they be allowed to. E+ M% D V) ]1 h: [$ O
acquire control of the MacKay and Dover oil sands projects.
& ^' ~: \ @3 f! y+ J r Among other things, the Chinese concerns have agreed to capital
+ h. h6 Z$ P7 m5 `4 S% Wexpenditures in excess of $250 million for developing the properties
" I J7 P* Z4 I: B0 ?# a: w' @; N. V& ]over the next three years.
) Z3 H7 g- v5 |2 C5 D They have also pledged to increase employment levels in Canada as4 f! J5 e, R- W8 \
they develop the projects over the next three years and to maintain6 e5 O* O3 d5 r: d) B9 x
an Alberta head office for operating companies associated with the; y5 x% m9 v$ ]
projects for the next five years.
! r7 N6 h4 y4 g6 U! { z) V. C (The Canadian Press) |
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