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OTTAWA - Ottawa has given its blessing to the sale of properties
7 }. ?5 i2 Q4 R) v) ^owned by Athabasca Oil Sands Corp. to a Chinese company.
1 o9 d6 S5 Z; Q" d Federal Industry Minister Tony Clement says he has reviewed the
% w" L, _% X) i; W% L6 Ydeal between Athabasca and PetroChina International Investment Co.
: \/ m, ]. U" p* y5 `) t2 {Ltd. and finds its is likely to be of net benefit to Canada.) D; ]3 { [4 C3 L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 d4 z& d* O% @: I1 L- Wmade a number of significant commitments should they be allowed to$ B4 {* V, o* @( M- \$ C
acquire control of the MacKay and Dover oil sands projects.
& `6 H5 |: w' i$ L* S1 N' v' Q. f Among other things, the Chinese concerns have agreed to capital
; a% e: W" E( t& ~: m/ x) Q8 `expenditures in excess of $250 million for developing the properties
. N6 o- }( y$ g6 y3 \3 jover the next three years.
& h. x* P; |5 i# ?% ] They have also pledged to increase employment levels in Canada as
. h, J5 A9 j+ a; p( Athey develop the projects over the next three years and to maintain
# v% ~' f' T2 f+ q0 q( | Zan Alberta head office for operating companies associated with the
2 u& N/ l; U( Y4 kprojects for the next five years.; C. j" N/ \ E$ A( T/ L! J" s* e; g4 n
(The Canadian Press) |
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