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OTTAWA - Ottawa has given its blessing to the sale of properties
, P3 m& Y( g2 p8 {4 r3 J" k$ downed by Athabasca Oil Sands Corp. to a Chinese company.
' y; I" t- L7 t6 G Federal Industry Minister Tony Clement says he has reviewed the
/ o7 z; C+ q2 g9 Q7 H0 {2 Zdeal between Athabasca and PetroChina International Investment Co.
7 a: w, N" W# Z, n" zLtd. and finds its is likely to be of net benefit to Canada./ X4 r2 j- {% q. A3 I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 r& x( i# y$ cmade a number of significant commitments should they be allowed to
9 o8 x0 R5 T" a) r) i9 e' [5 l1 s% Cacquire control of the MacKay and Dover oil sands projects.
! b3 b3 _) f4 D- Q% o) y Among other things, the Chinese concerns have agreed to capital* }; |1 S1 n+ @% E
expenditures in excess of $250 million for developing the properties
( A( K$ e* K/ S2 {; P% Y4 Iover the next three years.
# \2 c) I6 i- d They have also pledged to increase employment levels in Canada as
; ]5 w. v' L1 w: a4 K, K# h/ A: mthey develop the projects over the next three years and to maintain1 l+ R' G# m4 K" e1 A+ }+ d2 }
an Alberta head office for operating companies associated with the
$ \ P0 W. ], ~5 {$ Z1 r7 mprojects for the next five years.
/ z/ L5 w8 a% {9 L# q b/ b6 p (The Canadian Press) |
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