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OTTAWA - Ottawa has given its blessing to the sale of properties m1 a2 W! a" ?9 W4 j
owned by Athabasca Oil Sands Corp. to a Chinese company.
$ ?9 N* N- H8 _, Z$ a: r2 Y Federal Industry Minister Tony Clement says he has reviewed the5 T, Q9 E- c& ^% A# w
deal between Athabasca and PetroChina International Investment Co.4 g* ^# i1 }( r+ K: G
Ltd. and finds its is likely to be of net benefit to Canada.
# F+ Z' d* j, e2 C7 U; g( y: Q7 d: _% R Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 W, C, h) ~% G) i1 }5 Xmade a number of significant commitments should they be allowed to
" r4 T, `, O& c: c( gacquire control of the MacKay and Dover oil sands projects.
8 S% a( d: r: ~ z Among other things, the Chinese concerns have agreed to capital
u* @* J! |/ e2 y: P. e3 yexpenditures in excess of $250 million for developing the properties9 q( }- K. m0 E/ [0 [6 v; q; E
over the next three years.
# q9 `1 b& `1 k They have also pledged to increase employment levels in Canada as
% d: C; c Y( u+ [8 v" H9 y9 @( o/ wthey develop the projects over the next three years and to maintain
+ J3 ?1 t6 m) }3 Yan Alberta head office for operating companies associated with the
/ w B; E6 A5 i! lprojects for the next five years.
$ S6 U7 U; S0 w" w; n, y, P% Z (The Canadian Press) |
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