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OTTAWA - Ottawa has given its blessing to the sale of properties9 c, L0 q- [6 x% o Q
owned by Athabasca Oil Sands Corp. to a Chinese company.
6 ?# f: Z2 V- E. x2 r Federal Industry Minister Tony Clement says he has reviewed the
0 o f0 o4 U2 S, f# S! u' edeal between Athabasca and PetroChina International Investment Co.' V, p% D+ d% x: ?6 {3 W: S6 {( K
Ltd. and finds its is likely to be of net benefit to Canada.$ S4 V& ^1 a: \* R& S7 }
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* ~! h# u, _! w6 M% y
made a number of significant commitments should they be allowed to& f0 q% N& z" K* a4 j- D' p
acquire control of the MacKay and Dover oil sands projects., O% M; | U. e
Among other things, the Chinese concerns have agreed to capital
$ }; f* i) L/ W2 p: @+ z/ @' Sexpenditures in excess of $250 million for developing the properties5 i+ u* m8 @" Z3 Z) L
over the next three years.
% ]( W' l% f- l, x3 A3 D6 M4 i They have also pledged to increase employment levels in Canada as5 A; u: P; s5 E% `5 h: P L
they develop the projects over the next three years and to maintain
6 A* Q/ R4 T1 M2 m% J- `8 ~7 can Alberta head office for operating companies associated with the
2 a* a2 z' s5 Jprojects for the next five years.
0 E- z$ ^- o* x: ]- E (The Canadian Press) |
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