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OTTAWA - Ottawa has given its blessing to the sale of properties
' J3 C4 i5 Y" K- R! ^( J) n- l9 G5 Mowned by Athabasca Oil Sands Corp. to a Chinese company.
! v H7 j( s8 d5 ] Federal Industry Minister Tony Clement says he has reviewed the
5 j3 C5 \2 u+ l5 w3 K Ideal between Athabasca and PetroChina International Investment Co.9 g4 W- \7 x+ E6 d. @
Ltd. and finds its is likely to be of net benefit to Canada.; ?: W6 q1 f9 P: [ c0 C, f# l
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 J! _% Z* Z% R! Cmade a number of significant commitments should they be allowed to
4 i* V) _" W1 k/ [; C$ e8 V+ zacquire control of the MacKay and Dover oil sands projects.
4 K* Q7 L0 W" w+ U" C1 f Among other things, the Chinese concerns have agreed to capital
% I' y+ x# ~7 g5 f! B4 V6 Aexpenditures in excess of $250 million for developing the properties: q1 j% ] N S" a, n& r) l1 T
over the next three years.2 P. i& q/ \* v8 f! J/ u+ B
They have also pledged to increase employment levels in Canada as% g0 I) d' j' g" @3 j, g
they develop the projects over the next three years and to maintain
1 \6 v* L5 Q4 j' c. c5 t+ ran Alberta head office for operating companies associated with the
( R3 N) Z2 I! U& ~0 m7 p# U8 mprojects for the next five years.
' F1 e9 D- P7 e2 t% \) ~ (The Canadian Press) |
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