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OTTAWA - Ottawa has given its blessing to the sale of properties
2 s+ y$ E$ B9 h( T+ I/ ~owned by Athabasca Oil Sands Corp. to a Chinese company.! g |, J9 w0 M. y
Federal Industry Minister Tony Clement says he has reviewed the1 S( C; I0 t6 B% W2 P3 z, M
deal between Athabasca and PetroChina International Investment Co.8 d. ?7 ?) T# J, e$ H
Ltd. and finds its is likely to be of net benefit to Canada.* X0 V7 u: K$ {# p" g
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. o4 @% L$ [$ z( U/ r) u
made a number of significant commitments should they be allowed to" C0 i( G% w( Y2 ]1 d& Q8 ?) ^
acquire control of the MacKay and Dover oil sands projects.% E2 Z0 d" n, O! B _. g1 |
Among other things, the Chinese concerns have agreed to capital$ e- E% Z- s% R! ]
expenditures in excess of $250 million for developing the properties
8 y2 D) T& L8 y( iover the next three years.
& C1 y: }3 S3 c% S- J They have also pledged to increase employment levels in Canada as( t( |$ W. H0 I7 A" n- O3 J/ T
they develop the projects over the next three years and to maintain
" h+ o$ t1 r% z- E5 M: aan Alberta head office for operating companies associated with the' t" l) M0 v! [$ V- D
projects for the next five years.
) x% X8 d/ M1 U9 L (The Canadian Press) |
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