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OTTAWA - Ottawa has given its blessing to the sale of properties
4 K! w0 _3 P i2 F, V8 z5 Zowned by Athabasca Oil Sands Corp. to a Chinese company.
8 F8 K4 }6 s4 G. s Federal Industry Minister Tony Clement says he has reviewed the
2 G- [3 f' O2 S8 A6 q% f# Ldeal between Athabasca and PetroChina International Investment Co.$ j3 R$ r* y; ]. ?% o" J' O$ o+ ^' u
Ltd. and finds its is likely to be of net benefit to Canada.
' a7 T5 t1 U9 Q6 d9 y1 O) i. h Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ V) n0 v% }8 l% J/ s1 O0 [
made a number of significant commitments should they be allowed to
) b+ P; {' A: x3 j! macquire control of the MacKay and Dover oil sands projects.4 g% s8 z1 |, d, j2 K/ a. a( W
Among other things, the Chinese concerns have agreed to capital
$ l) Z6 |* `+ R, {2 }$ Mexpenditures in excess of $250 million for developing the properties0 x7 h( N0 f& E: L( s0 C* M
over the next three years., F D% @/ _ k
They have also pledged to increase employment levels in Canada as6 J7 m. ]4 P t; N; }+ r4 J3 d' {
they develop the projects over the next three years and to maintain) I6 H, I# U) R6 x5 Y+ u
an Alberta head office for operating companies associated with the& {3 x0 l# n& D6 ?7 f
projects for the next five years.
( A1 L2 r8 y; v (The Canadian Press) |
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