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OTTAWA - Ottawa has given its blessing to the sale of properties% z, i- V1 \4 ~- |/ I* ^
owned by Athabasca Oil Sands Corp. to a Chinese company.) x- \. p+ Z0 c' j' t1 e4 W) C! t
Federal Industry Minister Tony Clement says he has reviewed the
! n( ^+ N9 |" jdeal between Athabasca and PetroChina International Investment Co.5 \( K7 r) A; y5 `
Ltd. and finds its is likely to be of net benefit to Canada.
/ K0 a) j! j1 z5 S Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 j2 q# l8 i9 E% s% {3 ^made a number of significant commitments should they be allowed to
: ]2 M, |8 c/ z7 Q9 z5 h3 @% Tacquire control of the MacKay and Dover oil sands projects./ m f) Z+ A; S, ]4 c) U+ y0 M
Among other things, the Chinese concerns have agreed to capital( |7 ] u# v3 k' u
expenditures in excess of $250 million for developing the properties
9 b0 A$ l/ w* C, s( j8 [over the next three years.' X9 N7 w, g3 n& I9 u4 ?
They have also pledged to increase employment levels in Canada as
( Z A& K* I1 a8 ?8 Vthey develop the projects over the next three years and to maintain
: W5 `3 b* C7 I5 c8 C5 Q: Man Alberta head office for operating companies associated with the
% f% d7 L( p0 Oprojects for the next five years.
5 E3 j5 e& I# g5 b4 C (The Canadian Press) |
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