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OTTAWA - Ottawa has given its blessing to the sale of properties5 H' v N; r& r0 j( s- g
owned by Athabasca Oil Sands Corp. to a Chinese company.( n7 m& z& H* _) W, J ]9 h- g% b
Federal Industry Minister Tony Clement says he has reviewed the
" t" M: {7 o# a" G [deal between Athabasca and PetroChina International Investment Co.
5 v, W0 c/ K3 |; L, M# \& T; M$ I6 [Ltd. and finds its is likely to be of net benefit to Canada.4 Q, R. K. W r0 c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 D1 s2 e5 F# k* X
made a number of significant commitments should they be allowed to
. w8 Y5 [6 S* E- S, Yacquire control of the MacKay and Dover oil sands projects.
6 a/ g" c1 z" o m3 Z& P Among other things, the Chinese concerns have agreed to capital. z# s& e& I$ y; O) W2 l ^5 Q$ a
expenditures in excess of $250 million for developing the properties
( `$ E9 N8 J' f& x$ y) }% Dover the next three years.3 a& Z4 b) R5 V c8 h5 x) _
They have also pledged to increase employment levels in Canada as
~; ^0 B& o/ O+ e. Q* B5 R' nthey develop the projects over the next three years and to maintain
- v9 d, Q( W3 G+ M/ s* han Alberta head office for operating companies associated with the. m" s# e: O+ l5 G* @) [
projects for the next five years.
0 t o- w i% k$ T4 q (The Canadian Press) |
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