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OTTAWA - Ottawa has given its blessing to the sale of properties& Y: ?: c* D) c% l- ~) h- J' \* M) H8 [
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 U( q# N" _2 b0 S Federal Industry Minister Tony Clement says he has reviewed the
) ^) N A' D9 t4 z6 t$ I Ddeal between Athabasca and PetroChina International Investment Co.
* I$ x4 B& F5 k) Z4 v, uLtd. and finds its is likely to be of net benefit to Canada.: Z, ]& H1 u8 G& z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ m1 l" @+ p6 c& q. ]
made a number of significant commitments should they be allowed to4 k; P/ \5 z3 r/ @: `. a
acquire control of the MacKay and Dover oil sands projects.
, H4 H' R' V; z: q( }4 ^ Among other things, the Chinese concerns have agreed to capital
4 c& s3 X$ ]" a4 vexpenditures in excess of $250 million for developing the properties
9 i5 j5 B8 F: s7 X0 V& @over the next three years.7 ?& i3 ?3 `# v% G7 P/ o- x
They have also pledged to increase employment levels in Canada as
5 R9 D+ C9 @/ v; w% A8 x! Pthey develop the projects over the next three years and to maintain' {8 b3 q; @7 J4 B9 o
an Alberta head office for operating companies associated with the) O. v- g: c- M4 r0 @/ X5 }% D
projects for the next five years.0 h8 u- g9 X3 u
(The Canadian Press) |
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