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OTTAWA - Ottawa has given its blessing to the sale of properties
0 B9 v7 F: g% i2 {owned by Athabasca Oil Sands Corp. to a Chinese company.* Y- Y, J! z; ~7 {& A8 s$ x
Federal Industry Minister Tony Clement says he has reviewed the
; I9 J/ ~ I! ^5 D, \$ b9 Q" n# `deal between Athabasca and PetroChina International Investment Co./ F y0 e5 W- M; q, q: {+ T
Ltd. and finds its is likely to be of net benefit to Canada.9 O1 R8 `( h3 h. f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, j; g6 f9 N/ n5 h$ ] R$ c" tmade a number of significant commitments should they be allowed to# _2 [" S1 q* k+ k
acquire control of the MacKay and Dover oil sands projects.
+ U% _* O2 L$ m R Among other things, the Chinese concerns have agreed to capital
" u* A/ p9 M# O4 a- Rexpenditures in excess of $250 million for developing the properties. F/ n9 P0 [3 j
over the next three years., r d* [3 P& x7 G; w! I
They have also pledged to increase employment levels in Canada as4 e6 c7 _- y5 N6 \# X) [' p; [
they develop the projects over the next three years and to maintain6 w# A9 W% i/ G$ z+ R
an Alberta head office for operating companies associated with the; e' S; z `& s. f5 k* r
projects for the next five years.
4 z4 k: }8 e) Y1 Y# l+ L (The Canadian Press) |
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