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OTTAWA - Ottawa has given its blessing to the sale of properties& ?! \( G) L- [& v. p6 F
owned by Athabasca Oil Sands Corp. to a Chinese company.
5 \ p4 S+ k1 i& |/ N( s/ @$ a Federal Industry Minister Tony Clement says he has reviewed the' q1 ]$ C+ H! n+ h/ _1 |* ~$ o! M
deal between Athabasca and PetroChina International Investment Co.
$ ?* J( m& J: y H& L+ B4 sLtd. and finds its is likely to be of net benefit to Canada.
* m( c3 G1 x+ u9 m1 K: Q( i Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 o* u% K* t: {
made a number of significant commitments should they be allowed to/ V, A' B: B% a* {! e4 J$ g
acquire control of the MacKay and Dover oil sands projects.8 `* p! U! f, e( D% K; U
Among other things, the Chinese concerns have agreed to capital
" x* N- c3 N- qexpenditures in excess of $250 million for developing the properties. T/ Y) c5 f: n
over the next three years.0 A b) d k2 o% g
They have also pledged to increase employment levels in Canada as
. E1 |& | u3 w& m* A7 f$ p" I, bthey develop the projects over the next three years and to maintain
6 G9 g$ a/ S3 {7 K Aan Alberta head office for operating companies associated with the4 M6 U3 L/ @9 Q0 J( ?% Y/ E
projects for the next five years.
8 Z4 u% }5 t1 s/ {( G6 ~8 l$ X, ` (The Canadian Press) |
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