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OTTAWA - Ottawa has given its blessing to the sale of properties' p3 c: k! [+ Q/ } j. d; n4 b
owned by Athabasca Oil Sands Corp. to a Chinese company.
# o2 H$ p! W) }# _5 { Federal Industry Minister Tony Clement says he has reviewed the" J5 \9 i$ @+ O# X* s6 ?5 I
deal between Athabasca and PetroChina International Investment Co." C, `3 X7 l: T9 O
Ltd. and finds its is likely to be of net benefit to Canada.
- e& v, V; ]% i$ F% j0 ?' o Clement says PetroChina and its parent, PetroChina Co. Ltd., have A/ n- n# @% R: |
made a number of significant commitments should they be allowed to
& ]* g' H" \/ J* F1 I) uacquire control of the MacKay and Dover oil sands projects.
( d* d' r/ h2 n9 J; j Among other things, the Chinese concerns have agreed to capital
1 v2 I0 O7 M' R# Kexpenditures in excess of $250 million for developing the properties
- W* [% T4 P: C( qover the next three years.# f5 w4 ~8 @. s1 b% n) W! I
They have also pledged to increase employment levels in Canada as
; ^: j" h$ e/ s* Qthey develop the projects over the next three years and to maintain
# k2 m8 P, C6 jan Alberta head office for operating companies associated with the/ u2 N/ N9 N, E1 b7 R% A
projects for the next five years.
! @8 o. k7 A2 {4 o (The Canadian Press) |
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