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OTTAWA - Ottawa has given its blessing to the sale of properties
6 E) r, n1 \) ^# Z% L2 F; {, ]owned by Athabasca Oil Sands Corp. to a Chinese company., s# C+ L- D2 d6 R/ [! y
Federal Industry Minister Tony Clement says he has reviewed the
7 j1 p( f& m! Q* k Ndeal between Athabasca and PetroChina International Investment Co.
( \2 ~$ r4 C( K1 V4 k6 {4 m; cLtd. and finds its is likely to be of net benefit to Canada.2 y# f/ [0 J1 ?% H
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* x9 G: P$ Z4 O3 Q p$ f9 v, x+ f6 u
made a number of significant commitments should they be allowed to
8 L4 H1 w" V* n8 P m2 Sacquire control of the MacKay and Dover oil sands projects.
* ^7 m" c6 r" B' G- F Among other things, the Chinese concerns have agreed to capital: G3 ]0 S1 k+ W
expenditures in excess of $250 million for developing the properties' I3 u5 ` e0 J1 ?& J0 ?
over the next three years.
- Q& E6 p. d% s3 H4 h) V5 Y9 a* L4 j They have also pledged to increase employment levels in Canada as5 }: C( U& m$ K4 [
they develop the projects over the next three years and to maintain
; p0 Y7 z1 A5 ]an Alberta head office for operating companies associated with the
/ q. c1 l# w0 ?: kprojects for the next five years.
/ v0 V8 t+ h$ V8 ` (The Canadian Press) |
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