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OTTAWA - Ottawa has given its blessing to the sale of properties0 V; a" o1 M5 m" T$ R
owned by Athabasca Oil Sands Corp. to a Chinese company.
# B) V6 {* V: `7 {" G; Q" Q Federal Industry Minister Tony Clement says he has reviewed the# |; v( x, y0 @# m1 d
deal between Athabasca and PetroChina International Investment Co.1 S4 g, y9 r3 B
Ltd. and finds its is likely to be of net benefit to Canada.& ^. m# {' i9 Y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# d2 s6 m: y2 u: O; ?, Q- Smade a number of significant commitments should they be allowed to
3 w- b% Z" m( K, j; ^* }' h0 Racquire control of the MacKay and Dover oil sands projects.0 \/ l* }: o8 R$ W) j
Among other things, the Chinese concerns have agreed to capital
9 {7 h4 ^: T f6 Zexpenditures in excess of $250 million for developing the properties# |9 g! |( u" |& q- l6 B7 H# {
over the next three years.
- \! F( ^; d7 N$ J- y They have also pledged to increase employment levels in Canada as
6 v. A- d1 O. f2 [2 i+ ?they develop the projects over the next three years and to maintain* X8 X. s+ a4 @, L k: q- b. w# f0 W
an Alberta head office for operating companies associated with the5 O/ C6 X2 ?/ V6 T9 m) H8 V2 b
projects for the next five years.1 p' n5 }% J1 y5 B" G( X$ w+ Y$ p
(The Canadian Press) |
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