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OTTAWA - Ottawa has given its blessing to the sale of properties
n6 c& M- u& \8 downed by Athabasca Oil Sands Corp. to a Chinese company.$ I. _" s- C6 Z) l8 c9 g
Federal Industry Minister Tony Clement says he has reviewed the
, [- B9 N& n9 b% k) ldeal between Athabasca and PetroChina International Investment Co.
8 q! L* B$ I$ ~* FLtd. and finds its is likely to be of net benefit to Canada.0 H1 ]" U& i7 i1 a& a
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- `/ [4 L* x7 _made a number of significant commitments should they be allowed to
. I) H2 I. L- j/ H$ ~" {2 oacquire control of the MacKay and Dover oil sands projects.( g; T! @0 Z8 s& C% [
Among other things, the Chinese concerns have agreed to capital, P: |$ C- ~4 b
expenditures in excess of $250 million for developing the properties, [! q; q" w& y2 H4 _, W7 z }% [( M
over the next three years." M, f! ?! W% Y2 Q3 w6 L& ~' r
They have also pledged to increase employment levels in Canada as
0 J$ v5 g2 A+ j8 t! g6 w9 Fthey develop the projects over the next three years and to maintain
7 @: I: F2 T% r4 ]an Alberta head office for operating companies associated with the3 W; I- h# N6 C) ]/ G
projects for the next five years.$ ]1 P8 z$ C, N1 ?3 r
(The Canadian Press) |
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