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OTTAWA - Ottawa has given its blessing to the sale of properties0 a! i- }1 l* v) J" U3 m
owned by Athabasca Oil Sands Corp. to a Chinese company.' w1 E: F9 C. N" ~/ w
Federal Industry Minister Tony Clement says he has reviewed the
) P, ?* s% r- gdeal between Athabasca and PetroChina International Investment Co.
% S6 X( w, F5 C' C' J- pLtd. and finds its is likely to be of net benefit to Canada.
( B% z6 }' d4 A6 ]- a# E; B! x! c Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 g5 V- D) s. Q4 [
made a number of significant commitments should they be allowed to7 D3 a g J& B6 h( w' ]
acquire control of the MacKay and Dover oil sands projects.
) ]3 }4 Z8 E: r( b+ y- V Among other things, the Chinese concerns have agreed to capital) D- w+ f, O1 [0 M! }
expenditures in excess of $250 million for developing the properties% W, ?0 n( h: D9 E3 a
over the next three years.
+ E% `7 z/ g) Y/ l' S; p They have also pledged to increase employment levels in Canada as4 D7 d: h# h- k% R
they develop the projects over the next three years and to maintain
2 ]% s. D6 H9 J$ q% Z8 I9 R. J0 c0 pan Alberta head office for operating companies associated with the
4 a$ m9 P8 W, t: j3 sprojects for the next five years.
* s" a9 [, M& o% N (The Canadian Press) |
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