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OTTAWA - Ottawa has given its blessing to the sale of properties
* G J, h5 W- V' sowned by Athabasca Oil Sands Corp. to a Chinese company.
; _1 ^ J5 D. @4 e9 t Federal Industry Minister Tony Clement says he has reviewed the
! k% ~" h2 ~, b4 W. G: mdeal between Athabasca and PetroChina International Investment Co.
/ v- a7 ~0 D6 S1 _& |. N) n% ?1 PLtd. and finds its is likely to be of net benefit to Canada.3 X* d! S& ?% L8 I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 v2 w' N3 l# z. E( Y7 G1 Tmade a number of significant commitments should they be allowed to
0 z; X- {& r8 F) }! v' b' \5 G0 uacquire control of the MacKay and Dover oil sands projects." e8 |# J( V- _# n* H8 R& u
Among other things, the Chinese concerns have agreed to capital
5 z0 W, W% d: oexpenditures in excess of $250 million for developing the properties
. _# {. e; x. h4 v$ K7 ~5 dover the next three years.
% O: ?( T/ a- {( @5 M: d3 ^ They have also pledged to increase employment levels in Canada as
" _& N/ @7 t N7 ?they develop the projects over the next three years and to maintain
5 N. u, d& \$ }7 pan Alberta head office for operating companies associated with the
5 o( B, k: ]+ uprojects for the next five years.
$ n5 v: L+ y( a3 N/ g2 p4 w (The Canadian Press) |
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