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OTTAWA - Ottawa has given its blessing to the sale of properties
2 j3 }8 o2 s% A9 xowned by Athabasca Oil Sands Corp. to a Chinese company.' e S: E8 ^/ w
Federal Industry Minister Tony Clement says he has reviewed the& b M% W/ }9 ^% E. J
deal between Athabasca and PetroChina International Investment Co.
) G8 t" [8 e+ u1 ]& SLtd. and finds its is likely to be of net benefit to Canada.
5 D/ [" V. \/ z r) K. X Clement says PetroChina and its parent, PetroChina Co. Ltd., have! i4 O" Y$ O) s! p2 n( h
made a number of significant commitments should they be allowed to
0 _ ? ^9 F8 \6 ~acquire control of the MacKay and Dover oil sands projects.
2 d6 N2 _, g6 G Among other things, the Chinese concerns have agreed to capital0 D6 p( L- V. `1 V+ \
expenditures in excess of $250 million for developing the properties% Y0 I# X* t8 O/ v( _: X L
over the next three years.
' [6 ?! S, D) T7 n They have also pledged to increase employment levels in Canada as5 s( Y8 s3 a2 o1 x- o; b* A! x
they develop the projects over the next three years and to maintain
+ T" p5 b" e$ m/ W" H, x( fan Alberta head office for operating companies associated with the
3 @; w' O: z: h- S/ W( bprojects for the next five years.- u2 e1 \% L( s' H; ]
(The Canadian Press) |
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