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OTTAWA - Ottawa has given its blessing to the sale of properties
7 D0 [: J# B7 y) \owned by Athabasca Oil Sands Corp. to a Chinese company.
4 g8 o( N& D8 b6 h$ B( Y- L+ y3 @ Federal Industry Minister Tony Clement says he has reviewed the
( o4 ]% B- W6 V# W6 r, i; ^2 Z% U8 e/ G7 adeal between Athabasca and PetroChina International Investment Co.) E1 B- o. o% ~8 {
Ltd. and finds its is likely to be of net benefit to Canada.
5 A+ A6 T" U$ ]8 h: k- c5 B; S2 R Clement says PetroChina and its parent, PetroChina Co. Ltd., have
Y$ g& l' {# Ymade a number of significant commitments should they be allowed to5 h% c/ Z; p: {9 n$ k
acquire control of the MacKay and Dover oil sands projects.
, b9 A) [5 y6 u" \8 H: p6 } Among other things, the Chinese concerns have agreed to capital& z- Q& H: q. ~ C% k/ G6 c: G4 w
expenditures in excess of $250 million for developing the properties e" ?8 x1 w, D: P( N
over the next three years.) v5 A% S6 @" L7 f0 a0 d
They have also pledged to increase employment levels in Canada as8 R( g0 G. {' i1 L7 }6 U2 F8 T. ]
they develop the projects over the next three years and to maintain6 E+ G4 g- ]% Z. O; j6 H3 n
an Alberta head office for operating companies associated with the
) c, g( P% ^" N- q1 j/ Fprojects for the next five years.
1 Y7 m7 Z3 p. S# p& I (The Canadian Press) |
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