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OTTAWA - Ottawa has given its blessing to the sale of properties
; V) j5 [3 p2 ^8 F$ ]( t, K4 nowned by Athabasca Oil Sands Corp. to a Chinese company.+ ?4 V, {8 T- ~
Federal Industry Minister Tony Clement says he has reviewed the
) u t( J0 }2 I- f- N9 vdeal between Athabasca and PetroChina International Investment Co.# r( A s% w+ a8 N: g' O5 M' h4 i4 ?
Ltd. and finds its is likely to be of net benefit to Canada.9 ^) P' x. A7 p1 ~& X( ]. l1 _9 D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" O9 B7 q7 v5 {( T5 Emade a number of significant commitments should they be allowed to* {, Z! i7 U7 L- A3 h
acquire control of the MacKay and Dover oil sands projects.! X; W o/ U0 b6 ?/ d2 ]2 v q
Among other things, the Chinese concerns have agreed to capital6 o8 Y3 Q! A3 a% ?8 V# }+ \( M% Q
expenditures in excess of $250 million for developing the properties
; w, G, ?; B! p2 Tover the next three years.' O& f1 Y- u+ I# ~: U
They have also pledged to increase employment levels in Canada as
+ o. u0 b# b" Q0 x7 ]8 ^: m6 Athey develop the projects over the next three years and to maintain
/ J# i+ T/ y- d, L& F. K$ P+ @an Alberta head office for operating companies associated with the; ~! b6 s- A1 _! L/ Y* O# b
projects for the next five years./ l$ i# r1 l0 }
(The Canadian Press) |
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