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OTTAWA - Ottawa has given its blessing to the sale of properties; ?- _; R, {. L
owned by Athabasca Oil Sands Corp. to a Chinese company.
- g" T7 p/ c2 X+ [, I Federal Industry Minister Tony Clement says he has reviewed the8 v7 y9 a& L3 S$ v) N3 c+ j% `
deal between Athabasca and PetroChina International Investment Co.
( d' c6 n, H2 b5 ^Ltd. and finds its is likely to be of net benefit to Canada.
. t2 Q* }: k0 Y, q/ R9 @ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 J r, O) g. l/ S+ _$ v, |made a number of significant commitments should they be allowed to5 D0 p/ j' a( ]
acquire control of the MacKay and Dover oil sands projects.
$ e) b- Y6 f3 O! k! u4 M) s! ? Among other things, the Chinese concerns have agreed to capital
, }. W0 P3 k9 H. ^expenditures in excess of $250 million for developing the properties
6 t/ G+ n- u/ k. C9 `over the next three years.
8 r% o2 P' v: g! b) ~ They have also pledged to increase employment levels in Canada as- z( i' M( p. N n) Q, Q
they develop the projects over the next three years and to maintain
I D& U. ?1 c* p+ E2 M: Xan Alberta head office for operating companies associated with the* O2 y9 P: }: Y
projects for the next five years.6 d7 Y+ p5 z4 a5 M) q& g; z8 ]
(The Canadian Press) |
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