Canadian Industry Minister Tony Clement has approved PetroChina International Investment Co.'s application under the Investment Canada Act to acquire control of the MacKay and Dover oil-sands projects in Alberta, saying he's satisfied the investment is likely to be of net benefit to Canada.
Canadian Industry Minister Tony Clement has approved PetroChina
International Investment Co.'s application under the Investment Canada Act to
acquire control of the MacKay and
Dover
oil-sands projects in
Alberta
,
saying he's satisfied the investment is likely to be of net benefit to
Canada
.
As reported, earlier this year PetroChina agreed to acquire a 60% stake in the
projects from privately held Athabasca Oil Sands Corp. for US$1.7 billion. Athabasca
Oil chose a joint-venture partner to help finance the capital-intensive
projects.
Clement said PetroChina and its parent company, PetroChina Co. (0857.HK), have
made a number of related commitments, such as agreeing to spend more than C$250
million for their share of development expenses for the projects over the next
three years and increasing employment levels in
Canada
for
the development of the projects over the next three years.
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