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OTTAWA - Ottawa has given its blessing to the sale of properties( ^( R. D5 b$ n+ `$ A v/ l C1 G- e
owned by Athabasca Oil Sands Corp. to a Chinese company.
8 Q N+ _- a7 t+ D& S/ N Federal Industry Minister Tony Clement says he has reviewed the5 R* d/ k3 ^$ Y* @% K- s. T, P
deal between Athabasca and PetroChina International Investment Co.
' [- P/ T% e; k! O% n+ q4 iLtd. and finds its is likely to be of net benefit to Canada.' i0 ]! G+ ~) u! b8 d
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- S( P* L- x; T; Gmade a number of significant commitments should they be allowed to
7 ^- F6 q% e/ _* c( ]acquire control of the MacKay and Dover oil sands projects.2 W+ N/ z! q1 e2 Z0 ~; g x
Among other things, the Chinese concerns have agreed to capital
' f: {) B8 |# E$ k3 i: `" o3 nexpenditures in excess of $250 million for developing the properties
2 t4 e) Y; U/ H/ \+ y8 u9 Bover the next three years.+ G! s% _9 f$ F. e4 L1 Q
They have also pledged to increase employment levels in Canada as
; F' ~( D4 T8 v# M: a0 Qthey develop the projects over the next three years and to maintain w; T# u9 S- {) c( v3 [0 c/ o
an Alberta head office for operating companies associated with the
! D4 T% d5 X! R$ K% tprojects for the next five years.+ ~, ^+ B/ g! d) [
(The Canadian Press) |
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