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OTTAWA - Ottawa has given its blessing to the sale of properties! R& e6 a2 q9 Y: a1 d. A. a
owned by Athabasca Oil Sands Corp. to a Chinese company.6 [& X. Q9 j+ P, [, g# S/ \2 ?
Federal Industry Minister Tony Clement says he has reviewed the. d, s- A( B c1 [9 C
deal between Athabasca and PetroChina International Investment Co.
# z+ T& [" S1 B' T, O) u# W0 e3 RLtd. and finds its is likely to be of net benefit to Canada." R5 T) R, p' C9 z! [/ N0 h# a6 ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* M+ C+ e* `% Z# n0 Y8 \
made a number of significant commitments should they be allowed to
9 D) ?0 l! ^& k% [$ Pacquire control of the MacKay and Dover oil sands projects.
& d- R/ F6 w+ w+ P! C Among other things, the Chinese concerns have agreed to capital4 e3 P! B: d, A6 c' x) O
expenditures in excess of $250 million for developing the properties- ~7 V" v7 m! j P1 T6 t- G
over the next three years.
/ j7 G2 {' N$ H2 j They have also pledged to increase employment levels in Canada as
/ L' b, S1 \* f) X( m+ ethey develop the projects over the next three years and to maintain8 O" m. ~" Y" p/ ^( a3 W! E
an Alberta head office for operating companies associated with the
; J F5 R1 B# T- Zprojects for the next five years.
" ]7 @3 n$ Y/ p: M# I6 M8 k (The Canadian Press) |
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