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OTTAWA - Ottawa has given its blessing to the sale of properties8 s7 l4 z1 _6 p8 g* o. P
owned by Athabasca Oil Sands Corp. to a Chinese company.
' g4 C' L( d ]3 C) d+ | Federal Industry Minister Tony Clement says he has reviewed the3 {& ^ s# a; A7 a7 Y& d( ~; d
deal between Athabasca and PetroChina International Investment Co.) _$ _5 U" {. P) l$ i# v) V4 h/ p4 ]* f
Ltd. and finds its is likely to be of net benefit to Canada.
7 c# Y# [0 k3 _9 W+ ?6 q3 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& P U4 ?; [# Z& p7 F/ Amade a number of significant commitments should they be allowed to
& M8 B. Q B1 p& J* V1 I4 m d# ?6 y% kacquire control of the MacKay and Dover oil sands projects.
9 Y; l3 n# B5 Z, \' y Among other things, the Chinese concerns have agreed to capital
4 u/ W. o9 a* B0 {expenditures in excess of $250 million for developing the properties( k! H+ I3 r, K3 s7 m& I/ F
over the next three years.
9 m- O4 K- [4 x2 l2 A! ^7 ~+ q6 q$ K They have also pledged to increase employment levels in Canada as
& S6 B1 o f" pthey develop the projects over the next three years and to maintain
2 F4 \: D0 n' S* o( ~, K% p( wan Alberta head office for operating companies associated with the6 \5 ~) x i$ z/ X
projects for the next five years.. w# K, B3 J- F2 T+ l( l% R
(The Canadian Press) |
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