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OTTAWA - Ottawa has given its blessing to the sale of properties
% D- k, q: r/ @- O1 Z+ {9 Nowned by Athabasca Oil Sands Corp. to a Chinese company., B9 O$ O( I6 F& k8 u) f
Federal Industry Minister Tony Clement says he has reviewed the1 h! D/ \1 H( v, M1 L8 J
deal between Athabasca and PetroChina International Investment Co.; z, B1 x" l8 {( m8 H+ a# C
Ltd. and finds its is likely to be of net benefit to Canada.
# F3 s* e7 P: K4 ?: E& F, O; q Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* a. Z) F4 `. \1 u! K. Mmade a number of significant commitments should they be allowed to
, k+ A* c5 Z1 G8 N! s* Uacquire control of the MacKay and Dover oil sands projects.3 H6 h M+ {0 C
Among other things, the Chinese concerns have agreed to capital
* a, ~- j# v5 r( ^7 Fexpenditures in excess of $250 million for developing the properties
+ d. D: |/ M) _+ |0 F+ N/ mover the next three years.$ u" z; v/ r4 t `+ ~) R
They have also pledged to increase employment levels in Canada as+ ~6 j- V. `; ~. b! J3 s9 b
they develop the projects over the next three years and to maintain
% v/ ~ s/ |5 X2 n/ ?2 Uan Alberta head office for operating companies associated with the
, V) y+ ]- a) Q9 V7 z* O5 z! @; K; hprojects for the next five years.& J2 L' I" @. ]4 L& U8 u$ R
(The Canadian Press) |
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