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OTTAWA - Ottawa has given its blessing to the sale of properties( k) G! h2 w3 [1 n
owned by Athabasca Oil Sands Corp. to a Chinese company.7 s# J* _" D% t
Federal Industry Minister Tony Clement says he has reviewed the/ m' A2 i) K- x S$ a) ], q( ?& U
deal between Athabasca and PetroChina International Investment Co.; ~3 B6 o. l7 W( l5 b, z
Ltd. and finds its is likely to be of net benefit to Canada.
* z$ g( d I1 G6 f5 h, L Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 m% G& ^# B9 K* d# _' Amade a number of significant commitments should they be allowed to
- `; s. m8 \. xacquire control of the MacKay and Dover oil sands projects.* E( g8 E$ |- m- P- U
Among other things, the Chinese concerns have agreed to capital
/ b( C! {/ Y1 Z! p3 y) H. f. sexpenditures in excess of $250 million for developing the properties7 D2 V2 m) v$ a) L/ }
over the next three years.' a" v J4 J) j0 C* y. d _
They have also pledged to increase employment levels in Canada as0 t7 X! C5 ~3 ?$ u/ d0 D# p
they develop the projects over the next three years and to maintain
# b8 u+ Y7 I4 ?1 }$ U' San Alberta head office for operating companies associated with the2 K! @8 ]/ R0 V" b
projects for the next five years.) Z4 y' K7 c8 N' `! m: F- P
(The Canadian Press) |
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