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OTTAWA - Ottawa has given its blessing to the sale of properties _# ]* O! Z$ C# C' l/ Y
owned by Athabasca Oil Sands Corp. to a Chinese company.+ r4 Z9 a2 |" _; N0 f
Federal Industry Minister Tony Clement says he has reviewed the
# I& X% H/ L: [' E( R3 [deal between Athabasca and PetroChina International Investment Co.
! w3 O) }5 B( t4 A: @ CLtd. and finds its is likely to be of net benefit to Canada.3 ~3 C$ G1 o- h7 N3 |
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ q+ ?- w* y: u$ Q$ H8 l" I% k
made a number of significant commitments should they be allowed to7 u0 l$ k6 x5 i3 D# f( @: F
acquire control of the MacKay and Dover oil sands projects.1 u1 v; r8 u7 h# L
Among other things, the Chinese concerns have agreed to capital
6 W1 o* z* t4 _: ]1 D2 |& nexpenditures in excess of $250 million for developing the properties
! k4 O* O8 ?4 W; D4 v5 Aover the next three years.
8 J* t: @: ]6 d- k% I0 y1 T They have also pledged to increase employment levels in Canada as' ^( p8 i3 Y( w2 H: N& x# O7 n" v. r
they develop the projects over the next three years and to maintain
$ E( ^/ J+ a! U% L* uan Alberta head office for operating companies associated with the
. t, v, s- Q2 n G' dprojects for the next five years.
4 f0 P2 V, Q* \ (The Canadian Press) |
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