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OTTAWA - Ottawa has given its blessing to the sale of properties2 h, L% X( G* J0 q, Y: ~8 A
owned by Athabasca Oil Sands Corp. to a Chinese company.; q8 z5 K" }; R+ J; i& Y; R( E5 q
Federal Industry Minister Tony Clement says he has reviewed the
9 G/ E0 C+ B5 Q4 ]4 bdeal between Athabasca and PetroChina International Investment Co.- h6 O! c0 N# G% B* |
Ltd. and finds its is likely to be of net benefit to Canada.9 ?3 p; z3 h+ k8 I0 M# p/ n2 g. Y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. d$ M+ i- T; N' R: N/ ?! C$ u" E
made a number of significant commitments should they be allowed to
. v# p& G, z* } v1 P8 {acquire control of the MacKay and Dover oil sands projects.4 j& b3 ^* D2 ?! d: t
Among other things, the Chinese concerns have agreed to capital
# q5 Q" W7 o; |% Z5 bexpenditures in excess of $250 million for developing the properties
7 x5 s* b) p3 Z' _. ?over the next three years.( I6 r X% h) r( l
They have also pledged to increase employment levels in Canada as
% R+ M) h3 a V# Mthey develop the projects over the next three years and to maintain
+ ^1 d: R' U" ?- c$ p2 Q& m) ~an Alberta head office for operating companies associated with the
! A8 _( _$ g) Oprojects for the next five years.
9 p% u) f. s. a6 H (The Canadian Press) |
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