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OTTAWA - Ottawa has given its blessing to the sale of properties8 `4 z* V+ {4 \( Q
owned by Athabasca Oil Sands Corp. to a Chinese company.1 j. }$ ]& h/ p5 a; d8 l) G
Federal Industry Minister Tony Clement says he has reviewed the
1 Y' d6 I1 _# gdeal between Athabasca and PetroChina International Investment Co.4 e6 B2 [' }# k" p+ }1 S
Ltd. and finds its is likely to be of net benefit to Canada.$ V; B4 _1 k' y5 f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 m6 T% |; J; Q# e' y) [$ Wmade a number of significant commitments should they be allowed to
- Y- W9 t# Z2 J( @/ }1 D8 Qacquire control of the MacKay and Dover oil sands projects.& r& O, G) b' C1 T" |5 r
Among other things, the Chinese concerns have agreed to capital
5 j7 e4 U% ^/ D: Texpenditures in excess of $250 million for developing the properties/ }/ A! A' k+ F A* h* g2 j/ D
over the next three years.
" C! ?2 D8 p: q% x They have also pledged to increase employment levels in Canada as
8 K, v# q8 k: z8 C/ n$ W: _( R3 Rthey develop the projects over the next three years and to maintain9 @# u4 i0 s9 W# _1 q# A3 @
an Alberta head office for operating companies associated with the4 X# ?5 @$ C* f" {, j0 _
projects for the next five years.$ O% t6 _0 j9 ~2 K% }2 Q
(The Canadian Press) |
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