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OTTAWA - Ottawa has given its blessing to the sale of properties5 L. `5 s" N+ ], g& ]
owned by Athabasca Oil Sands Corp. to a Chinese company.8 X' p8 l/ ~' O" z9 r1 w/ k* J$ _
Federal Industry Minister Tony Clement says he has reviewed the
+ W, z* s8 b0 T6 h6 x: |4 Vdeal between Athabasca and PetroChina International Investment Co.* L' s7 e4 g% H
Ltd. and finds its is likely to be of net benefit to Canada.+ n( D- f8 U! s, v! B2 R1 u
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 O0 ~) S; Y4 umade a number of significant commitments should they be allowed to- H0 m, f |/ Y! j8 g& [. `6 S4 \
acquire control of the MacKay and Dover oil sands projects.4 ]# F* T# d7 k9 h4 g% D* d& b
Among other things, the Chinese concerns have agreed to capital5 y8 D! ^- ~7 j1 c1 x, T
expenditures in excess of $250 million for developing the properties
/ H( E# u' V' ?, g9 m+ v, Dover the next three years.
4 R3 l, M) P0 A They have also pledged to increase employment levels in Canada as( K: b0 @9 v- i; i: y( F1 P; i
they develop the projects over the next three years and to maintain; L/ g. s+ S/ s, C" A6 V9 o
an Alberta head office for operating companies associated with the* E5 n0 {9 R4 U: J2 W" ^% i3 g3 O( S# ?
projects for the next five years.1 F+ Z5 Z; n% h0 V [; Q* m- h
(The Canadian Press) |
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