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OTTAWA - Ottawa has given its blessing to the sale of properties
" {# ?% o x$ X# B$ uowned by Athabasca Oil Sands Corp. to a Chinese company.
" D/ R( q1 `4 C2 E" E2 h1 r2 A! k Federal Industry Minister Tony Clement says he has reviewed the2 z1 B g6 K+ x5 C
deal between Athabasca and PetroChina International Investment Co.2 p" k$ a5 s- L! Q- v+ m' Q
Ltd. and finds its is likely to be of net benefit to Canada.
" O( a4 X: B3 ` Clement says PetroChina and its parent, PetroChina Co. Ltd., have( j" d0 ^- j+ J c" }$ R
made a number of significant commitments should they be allowed to
, _: X6 e, v! z: Cacquire control of the MacKay and Dover oil sands projects.
! ^$ y, E, Q. ~( _+ S- J0 D4 I Among other things, the Chinese concerns have agreed to capital
$ q# c7 M+ ]1 `" c/ M& gexpenditures in excess of $250 million for developing the properties
6 C$ p( ]* z3 j( @. M; w' wover the next three years.+ |& ]$ a* ^% U" o3 `+ b# [! T
They have also pledged to increase employment levels in Canada as7 M' v8 \, [7 H. k
they develop the projects over the next three years and to maintain# q- G4 ?7 N2 x! Z$ { J# R. K
an Alberta head office for operating companies associated with the
/ ]7 W" s& I% s4 R* W) a$ h" `projects for the next five years.4 \) c- b/ Y. J3 \. N' f
(The Canadian Press) |
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