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OTTAWA - Ottawa has given its blessing to the sale of properties3 J- s" F- Q; `& }# k; O$ d4 | |
owned by Athabasca Oil Sands Corp. to a Chinese company.8 m. v% R! o b, r$ u
Federal Industry Minister Tony Clement says he has reviewed the
; Q! ~% S) J9 D/ Xdeal between Athabasca and PetroChina International Investment Co.
9 N {( @3 W; E1 O$ ZLtd. and finds its is likely to be of net benefit to Canada.
) }5 K" n$ S& ^ o! f6 k8 m. b Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 N% I; k% v5 D: X `
made a number of significant commitments should they be allowed to
; D0 ]$ Q# k0 @acquire control of the MacKay and Dover oil sands projects. j0 R, ] Y) W
Among other things, the Chinese concerns have agreed to capital
% p- Q) r* A9 {expenditures in excess of $250 million for developing the properties% H7 V/ @' x l9 s1 E
over the next three years.
6 r! o" ^$ p7 d* D4 l They have also pledged to increase employment levels in Canada as. v. J7 O$ C7 p$ |: H5 u+ z
they develop the projects over the next three years and to maintain
$ ?2 G+ B5 \' q$ |. U5 Tan Alberta head office for operating companies associated with the
; i$ q2 D8 D6 C7 J1 ~' {) wprojects for the next five years.9 ~! E4 X R7 I, n# ]2 E+ j
(The Canadian Press) |
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