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OTTAWA - Ottawa has given its blessing to the sale of properties. k6 A4 y6 B! |: n: v
owned by Athabasca Oil Sands Corp. to a Chinese company.
( u1 I: u" C6 ?/ _ Federal Industry Minister Tony Clement says he has reviewed the2 q! s( }6 S6 L: P, A: a6 j8 D
deal between Athabasca and PetroChina International Investment Co.7 B5 ], X; P6 Y* D
Ltd. and finds its is likely to be of net benefit to Canada.
) ?" E- m) d v9 X7 S Clement says PetroChina and its parent, PetroChina Co. Ltd., have( L/ }7 q3 I8 m
made a number of significant commitments should they be allowed to
5 t( V* T9 U9 k+ ^acquire control of the MacKay and Dover oil sands projects.. m- h* K& `; S. o$ f1 G$ y. T8 |
Among other things, the Chinese concerns have agreed to capital
- s% ~: V* r' H$ j- qexpenditures in excess of $250 million for developing the properties
( L7 H1 d0 e& s1 ~* F' e2 Y* Dover the next three years.! R+ ], F6 e* S0 N* B( O
They have also pledged to increase employment levels in Canada as5 v* b. t' Q0 S; w' u
they develop the projects over the next three years and to maintain
8 r$ H: X- p, O! S9 s$ _an Alberta head office for operating companies associated with the, y. F- H+ W4 O% ~& ?- ?. b( E
projects for the next five years.
; V1 q: `1 u) l Y1 n (The Canadian Press) |
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