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OTTAWA - Ottawa has given its blessing to the sale of properties
, n. Q9 o# P- T* Wowned by Athabasca Oil Sands Corp. to a Chinese company.
6 A/ J: P& I1 s* @, g Federal Industry Minister Tony Clement says he has reviewed the4 f, b! _. ^: h& y
deal between Athabasca and PetroChina International Investment Co.$ @/ P% A; X2 A" N* G" L$ _
Ltd. and finds its is likely to be of net benefit to Canada.
3 }: w$ O& T# F1 e% u) ?: S Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ X: v! U4 I& \0 y/ B
made a number of significant commitments should they be allowed to+ H' ~$ C1 m5 k+ |
acquire control of the MacKay and Dover oil sands projects.
- ~) Y: U; A+ O3 R Among other things, the Chinese concerns have agreed to capital2 w" D" J0 w f7 m C( u
expenditures in excess of $250 million for developing the properties
* u$ Q' S+ A$ ^1 mover the next three years.5 e; _3 ~9 K' R
They have also pledged to increase employment levels in Canada as
* L3 W7 ~) G5 d; _: Jthey develop the projects over the next three years and to maintain/ N" v/ N4 b l# j
an Alberta head office for operating companies associated with the9 b! i' T, {( d m0 D6 X
projects for the next five years.& w9 e3 X- G4 O) O9 i. h- G6 E
(The Canadian Press) |
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