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OTTAWA - Ottawa has given its blessing to the sale of properties
9 r2 t8 e' L8 F6 Zowned by Athabasca Oil Sands Corp. to a Chinese company.
1 V! O* |: M$ I* [7 k( F$ N8 v Federal Industry Minister Tony Clement says he has reviewed the7 r8 P! _1 Q* W& P( F9 L3 j: C
deal between Athabasca and PetroChina International Investment Co.) T" }: A8 G7 M/ x! U2 i
Ltd. and finds its is likely to be of net benefit to Canada.% _, i* Q% { n' S- }
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 p8 u, K b8 W3 k, b2 f6 k
made a number of significant commitments should they be allowed to
9 g/ O" C2 p; q$ Hacquire control of the MacKay and Dover oil sands projects.5 U2 s2 X# y7 T7 c
Among other things, the Chinese concerns have agreed to capital& q% Y) n Y/ V4 y8 [/ n
expenditures in excess of $250 million for developing the properties" N& b4 i; \$ y ]1 k9 L
over the next three years.
; f: o1 s/ g2 j k' j! W4 z- F They have also pledged to increase employment levels in Canada as
8 n" m$ W5 |3 t+ L) C! Fthey develop the projects over the next three years and to maintain
5 u# f, [/ _6 t1 V' B! `an Alberta head office for operating companies associated with the
- D+ N. @% q1 T+ ?6 d! Rprojects for the next five years.+ Y' s& ^! G* t6 _
(The Canadian Press) |
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