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OTTAWA - Ottawa has given its blessing to the sale of properties
, O; |, e% I* K1 Vowned by Athabasca Oil Sands Corp. to a Chinese company.
0 u7 ^0 ^! C0 o7 F5 c1 I Federal Industry Minister Tony Clement says he has reviewed the" W( ~: B: I c
deal between Athabasca and PetroChina International Investment Co.! T1 w' P m/ n8 D( H% j: |0 g# t- r
Ltd. and finds its is likely to be of net benefit to Canada.7 E: a( w# M. T( q) v: U5 f R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ \$ z9 s, s3 w% q, m' v) j( Smade a number of significant commitments should they be allowed to- I4 m6 m* \6 H7 J1 e/ G7 g
acquire control of the MacKay and Dover oil sands projects.
( }/ U. t2 U% |$ n* G Among other things, the Chinese concerns have agreed to capital
+ s$ N: G/ }& W, s% R& Texpenditures in excess of $250 million for developing the properties# Y4 h4 Q2 I s
over the next three years.% D+ W& L. k) v6 ]. n0 c2 E% w }
They have also pledged to increase employment levels in Canada as) Y/ ?# s! e* A8 q" b& I9 x
they develop the projects over the next three years and to maintain. J6 s! G3 q8 D. Y3 V
an Alberta head office for operating companies associated with the( t* }, i, v. U* @( d/ [' W
projects for the next five years.$ P9 @) n% o- R U% t; R
(The Canadian Press) |
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