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OTTAWA - Ottawa has given its blessing to the sale of properties- H; A/ Q [. @
owned by Athabasca Oil Sands Corp. to a Chinese company. K( ]' `2 G8 w$ o1 h
Federal Industry Minister Tony Clement says he has reviewed the
& N. n% z! D; P! n7 c" N+ Kdeal between Athabasca and PetroChina International Investment Co." ~7 r; I# J1 z" j
Ltd. and finds its is likely to be of net benefit to Canada.
0 ~( X+ j& b/ g/ `5 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& k+ [7 G; y2 H+ |made a number of significant commitments should they be allowed to
% q- ~1 T$ C& K1 R+ }# ?acquire control of the MacKay and Dover oil sands projects.
. _ o! ^* T4 t9 K& F7 ~, V V Among other things, the Chinese concerns have agreed to capital* }* x G( x) D
expenditures in excess of $250 million for developing the properties
* X( \* M. v9 i* ]' C. k* Iover the next three years.! x9 i8 e! U7 g- e' }3 a" j. ^( s) a
They have also pledged to increase employment levels in Canada as: C# }! M% X! X/ z$ q
they develop the projects over the next three years and to maintain
( k! Q' [( L9 m; F5 f0 e, i: ]an Alberta head office for operating companies associated with the
/ y; V8 h. p- @5 a& \& L, w, cprojects for the next five years.2 P9 k9 y/ a& W$ z7 G; Z) o
(The Canadian Press) |
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