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OTTAWA - Ottawa has given its blessing to the sale of properties4 @ _! |' S3 l( ]$ n! R& W
owned by Athabasca Oil Sands Corp. to a Chinese company.5 P" N4 E* x4 o/ A9 e* s, |; p$ W2 }
Federal Industry Minister Tony Clement says he has reviewed the
, _! X$ ]8 S- J' w$ U# O- J' o8 @deal between Athabasca and PetroChina International Investment Co.& `$ Q3 b$ h9 Z; W# Y6 y8 I! w- m
Ltd. and finds its is likely to be of net benefit to Canada.2 F, g' i2 g# U5 f7 A3 z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" W5 J; o/ Q6 H# f& emade a number of significant commitments should they be allowed to, L0 w8 N1 O( g' v2 P- R
acquire control of the MacKay and Dover oil sands projects.# Y* ?) j$ `) I: a. \0 l( V( E
Among other things, the Chinese concerns have agreed to capital
# L( u( P& ~: O& S0 Eexpenditures in excess of $250 million for developing the properties
2 @% k6 p: R# A) u8 gover the next three years.
% C4 A" @ Y& K/ Q9 P0 i They have also pledged to increase employment levels in Canada as7 y( t0 M( i4 `% j* Q- b$ |( l9 O
they develop the projects over the next three years and to maintain1 U" O3 G4 O, v# F7 L$ _3 J: t4 P% F
an Alberta head office for operating companies associated with the5 a e9 O9 ?" G9 s9 A0 Z( i6 Y& V
projects for the next five years.5 B, m9 ?8 }$ k. [7 s
(The Canadian Press) |
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