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OTTAWA - Ottawa has given its blessing to the sale of properties! {$ L ]* o* a$ C6 w/ X' c% `
owned by Athabasca Oil Sands Corp. to a Chinese company.7 ]+ a* Y' x* J% j
Federal Industry Minister Tony Clement says he has reviewed the5 O; F% N3 Z1 E8 i
deal between Athabasca and PetroChina International Investment Co.( p' f% T1 [! z/ p- E$ G# L
Ltd. and finds its is likely to be of net benefit to Canada. [2 D6 n8 a% R6 k, ^9 X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 ~6 H( q+ A- u6 }' [. g( i+ ]6 h
made a number of significant commitments should they be allowed to
0 k [+ @; D/ S, tacquire control of the MacKay and Dover oil sands projects.
- |4 ?5 e& s: O( m& M. l c5 x Among other things, the Chinese concerns have agreed to capital# U# x& l3 Q/ H5 A
expenditures in excess of $250 million for developing the properties8 ?% y/ h7 X2 P( ~/ [ _$ J
over the next three years.2 J- w0 d3 n5 g
They have also pledged to increase employment levels in Canada as6 ^- {; m. V; k5 O: }# n
they develop the projects over the next three years and to maintain
2 E0 c$ Z7 c: P& d$ y# D1 O1 Han Alberta head office for operating companies associated with the
+ E2 e# ?9 f( j* k- W" P0 Tprojects for the next five years.. W. O, B6 F' w3 G; v
(The Canadian Press) |
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