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OTTAWA - Ottawa has given its blessing to the sale of properties
& n+ X' x3 `# I/ L# v' Sowned by Athabasca Oil Sands Corp. to a Chinese company.
9 e4 T8 x) ~9 v! k Federal Industry Minister Tony Clement says he has reviewed the
3 `3 q0 A8 @9 A5 C. I/ vdeal between Athabasca and PetroChina International Investment Co.
0 W7 o1 R% T& f$ {/ Z, d: t# h$ kLtd. and finds its is likely to be of net benefit to Canada.; r( [* R2 G/ `# z# g, R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ d# K# }1 n) X8 E
made a number of significant commitments should they be allowed to( D, J' p2 O8 H. g
acquire control of the MacKay and Dover oil sands projects.% h1 p5 {6 c& E; F& X' ?3 r/ r, x
Among other things, the Chinese concerns have agreed to capital
5 s# p8 M B/ z) G9 Eexpenditures in excess of $250 million for developing the properties" @+ y' l" T2 t2 Z3 m( ?8 G4 [
over the next three years.. K8 Y. v% l3 x' t/ C
They have also pledged to increase employment levels in Canada as$ W7 w6 O8 U4 C' i/ x9 l! Q
they develop the projects over the next three years and to maintain
4 J$ X l7 s4 q4 V) a* A0 @' Z- pan Alberta head office for operating companies associated with the$ j2 r- d* b# T7 r+ Z: G
projects for the next five years.0 r. w+ p6 G5 S+ Q7 J
(The Canadian Press) |
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