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OTTAWA - Ottawa has given its blessing to the sale of properties
1 {, `: [5 @$ x: A/ U2 y$ E4 ]owned by Athabasca Oil Sands Corp. to a Chinese company.
. `7 I# |4 Q& a' A Federal Industry Minister Tony Clement says he has reviewed the
' u# K6 n, T- J6 q- J9 d$ ~- r6 \deal between Athabasca and PetroChina International Investment Co.5 J2 D8 Y0 \) j% ^* l
Ltd. and finds its is likely to be of net benefit to Canada.
" \" H' u7 [- P1 h- u Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! @0 y2 q' a1 ~% j7 zmade a number of significant commitments should they be allowed to
( l) l7 g) M3 C- Wacquire control of the MacKay and Dover oil sands projects.- r! S# J+ \! L
Among other things, the Chinese concerns have agreed to capital
9 y6 J& J# c7 gexpenditures in excess of $250 million for developing the properties
5 T" Y, u& Q# W, ]& _over the next three years.
0 q- }) K- p6 ~0 y- o They have also pledged to increase employment levels in Canada as
6 s: @1 O/ C4 `1 V( m( @they develop the projects over the next three years and to maintain
|6 p. C+ t; P, ]) X! e7 Ian Alberta head office for operating companies associated with the: p. @" t5 t E6 B
projects for the next five years.
0 c; k/ C# r Q (The Canadian Press) |
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