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OTTAWA - Ottawa has given its blessing to the sale of properties) Y7 y% O' d' A) f t5 s, Y
owned by Athabasca Oil Sands Corp. to a Chinese company.$ K* ~" s0 u- `( z6 N T& i
Federal Industry Minister Tony Clement says he has reviewed the( I; d$ t8 R" _2 p; s
deal between Athabasca and PetroChina International Investment Co./ V2 M& v; D- k
Ltd. and finds its is likely to be of net benefit to Canada.5 T8 `2 E) T, {5 u
Clement says PetroChina and its parent, PetroChina Co. Ltd., have" v+ Y9 I' q& Q7 z* t( i0 x+ a6 N
made a number of significant commitments should they be allowed to
+ J( @1 \; q& N, O3 K: nacquire control of the MacKay and Dover oil sands projects.
3 }+ ^/ M: r! P- U0 D& C7 v Among other things, the Chinese concerns have agreed to capital
5 Z6 B" P* K7 a! O/ Fexpenditures in excess of $250 million for developing the properties: }8 `6 ]* G6 }) U6 R
over the next three years.7 _) A5 p+ w4 ?
They have also pledged to increase employment levels in Canada as
1 G- @4 V X1 \" E; _" ~; Cthey develop the projects over the next three years and to maintain5 F" I5 X- A$ u- q
an Alberta head office for operating companies associated with the
" Y, y( }& o, a0 `- h# \projects for the next five years.
9 P* T! r" ~% A (The Canadian Press) |
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