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OTTAWA - Ottawa has given its blessing to the sale of properties0 q0 e# U5 U& ^4 s8 l6 R
owned by Athabasca Oil Sands Corp. to a Chinese company. Y) G/ V9 }' o# F* M
Federal Industry Minister Tony Clement says he has reviewed the
L6 G/ s; c: ]3 a d' ndeal between Athabasca and PetroChina International Investment Co.
& p! k) o7 _1 C% F* q4 }4 fLtd. and finds its is likely to be of net benefit to Canada.) u3 f2 ~0 _# N* O) |
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% v$ E! _* C1 Y7 W# T, Fmade a number of significant commitments should they be allowed to% T) F# H p0 S
acquire control of the MacKay and Dover oil sands projects.
! R& }5 k( `! {$ k* M- \ Among other things, the Chinese concerns have agreed to capital
]# P4 G. W7 C# lexpenditures in excess of $250 million for developing the properties
% j M4 {) u8 J1 xover the next three years.+ E& k; U# E& T5 K8 V
They have also pledged to increase employment levels in Canada as
; N0 F1 d4 j U) {0 z; T, ithey develop the projects over the next three years and to maintain3 \( y' ]9 B/ o
an Alberta head office for operating companies associated with the9 i+ y1 s+ z. f- \. K/ G4 W' J
projects for the next five years.; C: Z p* q! ~' v
(The Canadian Press) |
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