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OTTAWA - Ottawa has given its blessing to the sale of properties
l. t- i5 c9 howned by Athabasca Oil Sands Corp. to a Chinese company.
; t4 o+ h. ]8 E Federal Industry Minister Tony Clement says he has reviewed the
0 g" X' ?* e- K0 p8 O& wdeal between Athabasca and PetroChina International Investment Co.
+ f' t7 l' _! P9 m' W2 NLtd. and finds its is likely to be of net benefit to Canada.# Z9 R. t4 Z3 t m5 z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
' ]1 ^; O* e- Z V6 I& lmade a number of significant commitments should they be allowed to0 ` }, d* M* I/ ~
acquire control of the MacKay and Dover oil sands projects.
) d1 y5 E# ~ N2 f, _* N Among other things, the Chinese concerns have agreed to capital
2 ~6 t! {9 H" K9 l$ F9 z0 n5 bexpenditures in excess of $250 million for developing the properties+ n0 k' I$ s, I+ `5 J: n
over the next three years.% [% M" l f, I+ T K, [
They have also pledged to increase employment levels in Canada as
+ o* I% z4 C( [they develop the projects over the next three years and to maintain( {! I: w# s. R" U& ~; Q; M8 l3 s
an Alberta head office for operating companies associated with the
' i! T5 Z1 P' k5 u2 D+ s5 Tprojects for the next five years.! l# l/ b7 N+ @7 B. g4 V
(The Canadian Press) |
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