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OTTAWA - Ottawa has given its blessing to the sale of properties3 t3 B0 t: A- e: l- i/ X
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 B+ j* G* s) f( { Federal Industry Minister Tony Clement says he has reviewed the n# h* K" k2 X( m( Q/ k& T
deal between Athabasca and PetroChina International Investment Co.; o5 ~2 H8 K \# G1 r
Ltd. and finds its is likely to be of net benefit to Canada.- g9 I+ @9 X. y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 {/ }0 V: Y3 J! O; _
made a number of significant commitments should they be allowed to0 c& U3 L+ G; \1 T( k) b' V- I
acquire control of the MacKay and Dover oil sands projects.
R+ C! ]) T3 u% X+ b" _% K Among other things, the Chinese concerns have agreed to capital7 z* Q' d) ?" P! s4 ]4 J, O
expenditures in excess of $250 million for developing the properties! C! r4 u* |/ p( h& R& E6 n
over the next three years.
4 m3 u1 s* I( r6 r% l They have also pledged to increase employment levels in Canada as
! n* G8 _* i' X9 P% Xthey develop the projects over the next three years and to maintain
7 s! ?: Z# l4 O8 W0 }' T: d, }an Alberta head office for operating companies associated with the, T( t* h% J! _6 f, B5 O
projects for the next five years.
! k4 Z$ A* a# h- R (The Canadian Press) |
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