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OTTAWA - Ottawa has given its blessing to the sale of properties- p+ c% z& m9 R7 L8 ?- U, b
owned by Athabasca Oil Sands Corp. to a Chinese company.& e0 N O8 M) t3 s* }5 U
Federal Industry Minister Tony Clement says he has reviewed the! n7 \$ \. n7 J3 ^3 k7 K
deal between Athabasca and PetroChina International Investment Co.0 g1 z2 b3 G$ [5 [
Ltd. and finds its is likely to be of net benefit to Canada.
* Y. r8 f& {1 j! T5 d: y Clement says PetroChina and its parent, PetroChina Co. Ltd., have# q5 R* S$ d/ \6 P: j
made a number of significant commitments should they be allowed to; l: Q) O- @5 _7 ]
acquire control of the MacKay and Dover oil sands projects.
+ O3 ^9 P0 Z3 X3 {0 y# ?5 @% O$ |; P Among other things, the Chinese concerns have agreed to capital
, X% H. i& ?5 K6 t( oexpenditures in excess of $250 million for developing the properties
& o* }' g9 h8 aover the next three years.
$ U* q: n' n- |) o* U% o( u, m& e; B They have also pledged to increase employment levels in Canada as
9 Y: j; M; Y0 C! O, jthey develop the projects over the next three years and to maintain3 X8 ^9 w4 y# ]) G( @
an Alberta head office for operating companies associated with the
: q' x: u6 N% h) q+ [8 Z0 Cprojects for the next five years.# m# u- K; a; ]' I, z7 ^; `
(The Canadian Press) |
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