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OTTAWA - Ottawa has given its blessing to the sale of properties( s; R( W! U# f o* \4 @6 g, s/ l- T
owned by Athabasca Oil Sands Corp. to a Chinese company.
2 Z. K% ^7 w8 y5 \ Federal Industry Minister Tony Clement says he has reviewed the2 q3 s: C5 |7 y6 p2 q( T
deal between Athabasca and PetroChina International Investment Co.
" ~" l2 h$ d- @3 Y& Y# nLtd. and finds its is likely to be of net benefit to Canada.
6 g- h. j, x" j Clement says PetroChina and its parent, PetroChina Co. Ltd., have `0 x/ ^4 W; d( a6 v. z5 m) g
made a number of significant commitments should they be allowed to
$ j7 Z" H, C) k q/ c( d; ^acquire control of the MacKay and Dover oil sands projects.4 I# D9 Z$ B$ Z' N6 p3 c; C8 ?
Among other things, the Chinese concerns have agreed to capital, p) o# ]( U+ F9 ^, B
expenditures in excess of $250 million for developing the properties( Q4 B0 e! S* y9 Q7 T# N
over the next three years.
; X6 ~- @8 L) X They have also pledged to increase employment levels in Canada as
, Z1 U* A1 l- ~- o0 n# C/ Cthey develop the projects over the next three years and to maintain# U" E/ m3 ~2 r* n! S7 S
an Alberta head office for operating companies associated with the; d7 f& }- K- b- c4 q% F. Z
projects for the next five years.
& S9 N9 h9 ^3 _1 m- O0 ? (The Canadian Press) |
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