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OTTAWA - Ottawa has given its blessing to the sale of properties$ H: D* ]1 Q5 p$ E9 d2 o3 @/ D
owned by Athabasca Oil Sands Corp. to a Chinese company.+ [* P8 i8 }8 m1 S, q8 o( U
Federal Industry Minister Tony Clement says he has reviewed the" J7 i' q5 Q, K
deal between Athabasca and PetroChina International Investment Co.
4 G; E E5 K6 r9 xLtd. and finds its is likely to be of net benefit to Canada.9 i& r2 j# k! K" X8 }1 T$ v
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 I1 n- i; e1 P ?made a number of significant commitments should they be allowed to
, a8 Y9 ^/ i5 Y4 h4 U& f; macquire control of the MacKay and Dover oil sands projects.
1 z5 \$ I. M; ?4 w) s Among other things, the Chinese concerns have agreed to capital x6 G0 T+ g) b- l
expenditures in excess of $250 million for developing the properties# m6 v& m% U+ W6 u& _ x- F
over the next three years.; P7 E8 ]) v9 E9 I( ?( P8 z' C
They have also pledged to increase employment levels in Canada as0 S4 o! H2 O5 H, ?; r
they develop the projects over the next three years and to maintain
/ ^* z4 g3 R0 _ H/ K6 B1 l2 Ean Alberta head office for operating companies associated with the7 m3 T( q" C- I
projects for the next five years.
1 b6 C" F0 {1 w" _8 j9 Y7 j0 p (The Canadian Press) |
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