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OTTAWA - Ottawa has given its blessing to the sale of properties
" {* G" J. N6 s z6 Gowned by Athabasca Oil Sands Corp. to a Chinese company.2 a9 d% z6 u' Y+ o x- q5 K
Federal Industry Minister Tony Clement says he has reviewed the
6 Z" R5 X$ J% I6 y! a" v/ Rdeal between Athabasca and PetroChina International Investment Co.! O- ^) b9 }( |
Ltd. and finds its is likely to be of net benefit to Canada.
7 A1 z" }0 @, v! w+ k2 s3 _ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( e$ {; o1 B1 o( o$ Omade a number of significant commitments should they be allowed to: I: X z5 Z0 [! y
acquire control of the MacKay and Dover oil sands projects.1 G; h. l/ t& E. F1 @ C$ ~/ h
Among other things, the Chinese concerns have agreed to capital
i$ E. P0 |+ sexpenditures in excess of $250 million for developing the properties7 D3 Q8 Q+ Q4 E% t4 W, ?
over the next three years.# A+ I$ }$ |: s, h- B
They have also pledged to increase employment levels in Canada as
7 Y9 M' }0 p9 U3 Z2 `they develop the projects over the next three years and to maintain! I( J- C; `) y3 @& o1 Q
an Alberta head office for operating companies associated with the
; ^' L! I: v* v7 w! D/ J: I S4 gprojects for the next five years.
[0 k: @" V& {4 H (The Canadian Press) |
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