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OTTAWA - Ottawa has given its blessing to the sale of properties
$ |5 S# T" V& f5 x8 powned by Athabasca Oil Sands Corp. to a Chinese company.; W* j% Q! r1 w3 b
Federal Industry Minister Tony Clement says he has reviewed the
D/ F# S6 S) ~deal between Athabasca and PetroChina International Investment Co.
3 g1 D) w' w2 LLtd. and finds its is likely to be of net benefit to Canada.
' {$ z4 r5 b! W+ ^) x( Y; w g7 i Clement says PetroChina and its parent, PetroChina Co. Ltd., have
`* q# m/ q% j( cmade a number of significant commitments should they be allowed to
& c- o$ J4 l9 ]acquire control of the MacKay and Dover oil sands projects.
* ]: V: L2 h9 J. o' r Among other things, the Chinese concerns have agreed to capital+ l: X& P) M0 O
expenditures in excess of $250 million for developing the properties$ E. ?3 o" A! k7 X. R% H4 f
over the next three years.
$ h6 C! q! R! R- P8 O1 M2 @0 K They have also pledged to increase employment levels in Canada as
0 d3 ~) p M x/ `# T( athey develop the projects over the next three years and to maintain
: H* Q6 H; i' m. X e# oan Alberta head office for operating companies associated with the
8 L4 w, t# H$ {1 D1 S! x9 Q8 Zprojects for the next five years.1 c! e8 ^; n7 l, \. R
(The Canadian Press) |
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