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OTTAWA - Ottawa has given its blessing to the sale of properties
7 Q/ ^+ Q1 C( ~$ [, T! xowned by Athabasca Oil Sands Corp. to a Chinese company.
) @; v6 }- S' y1 @ Federal Industry Minister Tony Clement says he has reviewed the( q1 `& w# ~5 K7 [& }8 B* ^3 l
deal between Athabasca and PetroChina International Investment Co.
$ G2 Z: I$ Z0 Y8 ~3 ~, \) wLtd. and finds its is likely to be of net benefit to Canada.9 K: Y" v- O, G) V+ E. s
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ m' q* {% ^$ I' \& i
made a number of significant commitments should they be allowed to# I/ R5 i" e& T1 Z. _
acquire control of the MacKay and Dover oil sands projects.5 x: [' z" u7 \) ]9 ]6 k; V
Among other things, the Chinese concerns have agreed to capital) F# s+ q* j/ X+ Q
expenditures in excess of $250 million for developing the properties
& g( T: ]' }$ P6 G1 Z) _5 \over the next three years.
& D: r# d% F' S. X: P! G4 C! D They have also pledged to increase employment levels in Canada as/ r; J! |- A2 {4 Q
they develop the projects over the next three years and to maintain' X, e4 T- W$ s3 F) U
an Alberta head office for operating companies associated with the
4 Q9 A1 _* p$ r* w0 t# Sprojects for the next five years.
; @- _' O B2 G6 T ?3 L. ~ (The Canadian Press) |
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