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OTTAWA - Ottawa has given its blessing to the sale of properties
9 L" c/ F q. J& N3 oowned by Athabasca Oil Sands Corp. to a Chinese company.
" Y$ T7 o8 {3 o, q; w# N% f Federal Industry Minister Tony Clement says he has reviewed the. x7 r8 s6 c8 _* y* { L" ?
deal between Athabasca and PetroChina International Investment Co.
" ~2 E$ j5 C" r: U- tLtd. and finds its is likely to be of net benefit to Canada.
4 ~2 Y& v1 R( O" L% { Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! B- d; i& A" i' i$ dmade a number of significant commitments should they be allowed to% I& X7 K( b& i! X
acquire control of the MacKay and Dover oil sands projects.
6 Z% k# b$ k: U2 f Among other things, the Chinese concerns have agreed to capital4 D/ J# p1 g% \/ S7 x. |
expenditures in excess of $250 million for developing the properties
0 E B2 B" v" n, `/ k, |over the next three years. ^) A" k* i' D
They have also pledged to increase employment levels in Canada as: E1 w2 ~% \ _. w
they develop the projects over the next three years and to maintain( ~- O: F2 k$ X6 h- P6 f1 I6 h' H
an Alberta head office for operating companies associated with the
: s o( q7 T2 J& S# p: Uprojects for the next five years.
& G# a: p4 h. B @9 P. \5 N (The Canadian Press) |
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