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OTTAWA - Ottawa has given its blessing to the sale of properties, U8 ?# H' U! Z o; j
owned by Athabasca Oil Sands Corp. to a Chinese company.5 D! h2 o- W3 d% ]6 B. O: M
Federal Industry Minister Tony Clement says he has reviewed the. R" K( \1 ^! U! v
deal between Athabasca and PetroChina International Investment Co.1 @! ^" Q# H ?' E( a0 P$ M
Ltd. and finds its is likely to be of net benefit to Canada.
2 m2 F3 m' I7 @. H2 A& D m3 Y Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 p1 {( o1 \6 f0 o: y
made a number of significant commitments should they be allowed to+ a6 R% `, S4 F1 ~
acquire control of the MacKay and Dover oil sands projects.
( n3 |4 U5 K2 x4 X3 y Among other things, the Chinese concerns have agreed to capital6 b# j0 N. e+ m5 I& K; w( F2 d
expenditures in excess of $250 million for developing the properties8 W% m" p& W$ f* U$ F1 q
over the next three years. u( l1 H+ v; d% X
They have also pledged to increase employment levels in Canada as
5 s l* v" S0 L3 T/ athey develop the projects over the next three years and to maintain* c8 s. \6 p! I
an Alberta head office for operating companies associated with the8 D5 ^% }+ _8 H e4 N' |3 T
projects for the next five years.
$ x. }. c9 g w (The Canadian Press) |
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