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OTTAWA - Ottawa has given its blessing to the sale of properties9 A; [4 `0 D* o+ L( @4 h7 |. S
owned by Athabasca Oil Sands Corp. to a Chinese company.: W! a# _6 b- E
Federal Industry Minister Tony Clement says he has reviewed the
: J, t2 k- k6 D% j/ b6 J# K1 adeal between Athabasca and PetroChina International Investment Co.
/ p. c B8 s1 H5 h: m* \3 W' gLtd. and finds its is likely to be of net benefit to Canada.1 w/ X" |0 \' V% o! v1 p( k
Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 O" b4 v% C4 w" W7 A. l) v6 n$ }
made a number of significant commitments should they be allowed to6 N; B( f) J4 V7 Q0 |: \" p( h
acquire control of the MacKay and Dover oil sands projects.9 R6 `- x6 [3 K- w) a
Among other things, the Chinese concerns have agreed to capital
2 ~. \5 T5 w' [) A4 {expenditures in excess of $250 million for developing the properties
8 _, g2 K. f6 Z4 O- n( R1 Tover the next three years.' \7 [9 Z3 h3 t5 j/ _+ A
They have also pledged to increase employment levels in Canada as
$ G4 r5 I- P. S# wthey develop the projects over the next three years and to maintain
( U& [; D. o' A7 z U( R/ s' {an Alberta head office for operating companies associated with the% {( D) B/ x, t' g
projects for the next five years.. m! m, m4 v2 T7 I ]/ g
(The Canadian Press) |
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