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OTTAWA - Ottawa has given its blessing to the sale of properties; i% m. m Z6 M9 r
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 }! N* s- a% q, D8 J) w Federal Industry Minister Tony Clement says he has reviewed the3 {/ R3 w( c1 e$ V6 o
deal between Athabasca and PetroChina International Investment Co.
- @5 C1 N6 t! S5 B) YLtd. and finds its is likely to be of net benefit to Canada.
: ]5 R5 u4 ?. g$ s' n Clement says PetroChina and its parent, PetroChina Co. Ltd., have _$ {( I8 ~" }; M( J4 O
made a number of significant commitments should they be allowed to3 L8 n. V8 r. c! H& A& W- k% [5 {( {
acquire control of the MacKay and Dover oil sands projects.
/ n Y* J+ ^% g. D Among other things, the Chinese concerns have agreed to capital9 M: a. @% _0 H1 e$ t% e
expenditures in excess of $250 million for developing the properties0 |# E) m% ^$ D% D0 [
over the next three years., [- C; A; t& D Q4 c1 C
They have also pledged to increase employment levels in Canada as' N$ P _$ W3 \
they develop the projects over the next three years and to maintain
& [* }$ r8 _: f# Z1 uan Alberta head office for operating companies associated with the
8 g2 U9 S# k7 K5 v2 f: \/ a8 Hprojects for the next five years." P: B4 A/ F$ x% r+ `! K4 h
(The Canadian Press) |
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