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OTTAWA - Ottawa has given its blessing to the sale of properties3 p( E' ?# P" i
owned by Athabasca Oil Sands Corp. to a Chinese company.
( p7 H4 Y( C6 g' n2 h. W6 n Federal Industry Minister Tony Clement says he has reviewed the" r, B5 b5 _5 Z# U" Z
deal between Athabasca and PetroChina International Investment Co.
2 w) D1 a& D; C# A& @Ltd. and finds its is likely to be of net benefit to Canada.. F% @" J# ?$ y8 G" t f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. {7 J) C* T/ z% Ymade a number of significant commitments should they be allowed to! v9 J2 ^& ~$ g. r. K: q- P5 V, v8 d
acquire control of the MacKay and Dover oil sands projects.
5 R1 K) _; `$ ^- K4 I6 [: P Among other things, the Chinese concerns have agreed to capital' j s- f( S5 Q/ o) C
expenditures in excess of $250 million for developing the properties7 B8 S6 `, w( z% P: n# A
over the next three years.
+ x5 t) d! I7 {* t1 U They have also pledged to increase employment levels in Canada as& e% s, x+ N$ Z' W8 S( K
they develop the projects over the next three years and to maintain4 z* F$ \' F \# z l
an Alberta head office for operating companies associated with the
: s8 N: e* B! I: nprojects for the next five years.
7 B( f. Q0 P# H0 O (The Canadian Press) |
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