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OTTAWA - Ottawa has given its blessing to the sale of properties
) ?& }$ J1 l$ m0 powned by Athabasca Oil Sands Corp. to a Chinese company.
7 {2 U* q; A7 D6 R Federal Industry Minister Tony Clement says he has reviewed the
$ a+ J5 H* w0 P# P4 d. F% adeal between Athabasca and PetroChina International Investment Co.# d1 X, t! X5 ~( L" w3 O
Ltd. and finds its is likely to be of net benefit to Canada.% k/ }. |1 c: o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% r/ @4 v" Y' l8 h( r9 `1 h$ Cmade a number of significant commitments should they be allowed to7 U u& e C$ K# @! x h; [& w
acquire control of the MacKay and Dover oil sands projects.
, ]+ ?$ O; w1 g/ F1 { Among other things, the Chinese concerns have agreed to capital
7 _4 r: a* w" v8 @) [expenditures in excess of $250 million for developing the properties S- d! i7 c8 H/ u% q1 O
over the next three years.
! M5 t) P6 L+ h8 ?+ `' K They have also pledged to increase employment levels in Canada as
4 x+ P' U% {8 I% tthey develop the projects over the next three years and to maintain X0 M' g+ T t9 F7 P, [1 W
an Alberta head office for operating companies associated with the
; w6 d" D; {" s7 ~, t$ m' hprojects for the next five years.
2 M( r, s. }/ n, C( j( C# m) N (The Canadian Press) |
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