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OTTAWA - Ottawa has given its blessing to the sale of properties R' P( H8 ~8 Z
owned by Athabasca Oil Sands Corp. to a Chinese company.
$ U- ?; R" V* {' _ Federal Industry Minister Tony Clement says he has reviewed the# r" L& d5 H% |/ b% ^
deal between Athabasca and PetroChina International Investment Co.
2 \& X8 B3 e, V3 Z6 YLtd. and finds its is likely to be of net benefit to Canada.) P- N- R. J M, k- r9 U
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" ~& J1 A: s5 A1 cmade a number of significant commitments should they be allowed to- {' j' O g) m6 v
acquire control of the MacKay and Dover oil sands projects.. h$ u; g8 b) O9 R1 S. U
Among other things, the Chinese concerns have agreed to capital
4 J$ X0 u/ G: Mexpenditures in excess of $250 million for developing the properties
" ~2 s+ }. B% w% K; J/ Qover the next three years./ f4 g8 N6 x2 Y" j/ l
They have also pledged to increase employment levels in Canada as8 ^ Y2 q8 w# R' q' M
they develop the projects over the next three years and to maintain/ L4 S" w Q) z4 o9 }
an Alberta head office for operating companies associated with the* A- O# z4 e8 c/ c( H
projects for the next five years.
2 a z8 P3 x2 H j (The Canadian Press) |
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