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OTTAWA - Ottawa has given its blessing to the sale of properties' p. H0 X5 f% u2 w, i8 a
owned by Athabasca Oil Sands Corp. to a Chinese company.6 M- S/ ]. X1 U, L
Federal Industry Minister Tony Clement says he has reviewed the
9 f0 S% I0 v. j" Ldeal between Athabasca and PetroChina International Investment Co.
z8 Q* }4 w& w& ^Ltd. and finds its is likely to be of net benefit to Canada.4 ~$ u, x3 N h# @8 _ B0 i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 y. C |! A Umade a number of significant commitments should they be allowed to
$ v% k& {' j% m* q' b1 ]acquire control of the MacKay and Dover oil sands projects.
" |, g( Z4 F' k, a6 g: } Among other things, the Chinese concerns have agreed to capital; `! Y0 B h! }& F
expenditures in excess of $250 million for developing the properties4 [! c/ _7 U! n, k6 D+ }
over the next three years./ z0 H: \5 S& A& O. y( O
They have also pledged to increase employment levels in Canada as
1 c* } S# c! m _4 `they develop the projects over the next three years and to maintain- R3 B( c1 w& Z8 d2 ~3 {1 y
an Alberta head office for operating companies associated with the S! u) O4 p" d4 g9 F
projects for the next five years.: I! Y% t& N. u+ o% Y
(The Canadian Press) |
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