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OTTAWA - Ottawa has given its blessing to the sale of properties9 `. ]; S3 B& f( ?" o0 \( ]
owned by Athabasca Oil Sands Corp. to a Chinese company." Y5 L# n/ S6 e/ s9 X& C/ ]
Federal Industry Minister Tony Clement says he has reviewed the8 v: s p) D& W8 R L. F8 B
deal between Athabasca and PetroChina International Investment Co.
* C7 Q& r( R5 L6 w& |3 tLtd. and finds its is likely to be of net benefit to Canada.
5 C: A( ?2 v) o Clement says PetroChina and its parent, PetroChina Co. Ltd., have& g& X6 S3 J5 ~9 ?! }$ m
made a number of significant commitments should they be allowed to
/ ]+ w9 x% i) N9 racquire control of the MacKay and Dover oil sands projects.
! i% Q" u$ o. P) {% i" R( o( ^ Among other things, the Chinese concerns have agreed to capital
7 D7 c9 g, Z( Y% ]5 h' nexpenditures in excess of $250 million for developing the properties
- a, V% y ^4 Aover the next three years.
* R. z9 A1 P" \9 s8 t They have also pledged to increase employment levels in Canada as
/ g8 ^# M& s1 N8 N7 lthey develop the projects over the next three years and to maintain, j' A7 w$ Y; I+ X) f
an Alberta head office for operating companies associated with the; r! `0 @4 P8 i0 `
projects for the next five years.
# ]2 g( \; x/ S" w2 G, F8 m (The Canadian Press) |
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