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OTTAWA - Ottawa has given its blessing to the sale of properties
; u: P# _6 D- G1 k" ~: iowned by Athabasca Oil Sands Corp. to a Chinese company.
' i7 V# W. ], [! v* y Federal Industry Minister Tony Clement says he has reviewed the
3 m8 E2 m5 Q T5 g5 S- q9 f3 wdeal between Athabasca and PetroChina International Investment Co.
& _# l C) W# f: X9 i2 h: j& OLtd. and finds its is likely to be of net benefit to Canada.+ I/ q! s R# t& Y9 }- Z. u/ R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have- B3 G" k6 c' \# ^+ c
made a number of significant commitments should they be allowed to. V2 o8 W( j/ U5 C3 U1 n4 \
acquire control of the MacKay and Dover oil sands projects.6 t3 j' j3 D( Q) D) ?4 H
Among other things, the Chinese concerns have agreed to capital0 l/ g- M) t# c/ E2 Q. l
expenditures in excess of $250 million for developing the properties
/ `, \8 x& v7 P5 ~over the next three years.
% h m5 X! u9 z6 L They have also pledged to increase employment levels in Canada as
: ~' Y6 L! I1 m5 _5 othey develop the projects over the next three years and to maintain( A8 _4 K# h+ q) P, y
an Alberta head office for operating companies associated with the
( J3 O5 S% }) C* h6 d w* y& Hprojects for the next five years.
% J8 L/ J1 y _" \ (The Canadian Press) |
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