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OTTAWA - Ottawa has given its blessing to the sale of properties
" l$ C g8 f) X6 j2 |( c" fowned by Athabasca Oil Sands Corp. to a Chinese company.
* x5 `! O' b; r" X3 k Federal Industry Minister Tony Clement says he has reviewed the
, ?5 Q- i' G. ?/ m' m& q$ ]deal between Athabasca and PetroChina International Investment Co.
9 W2 e6 }5 |9 ^9 iLtd. and finds its is likely to be of net benefit to Canada.! p3 x. f+ m, a7 V, C# |
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# i. g- x% p; @' hmade a number of significant commitments should they be allowed to
3 R. y8 Q6 ^: vacquire control of the MacKay and Dover oil sands projects.0 ~" Q' U+ P( e6 b3 [& Z; d- [
Among other things, the Chinese concerns have agreed to capital
7 y4 Q5 } W9 ~$ H: y) r8 u. rexpenditures in excess of $250 million for developing the properties3 L* |% y! O: O
over the next three years./ i- P: `. s. Y3 u/ I) x% w* e+ A4 C/ c
They have also pledged to increase employment levels in Canada as
- x: t$ Y* \+ V0 ?" g/ r( Rthey develop the projects over the next three years and to maintain8 V* ^( n3 \: b0 D+ V
an Alberta head office for operating companies associated with the- w8 a' w ]' ?5 r( u
projects for the next five years.
% v5 {! y0 q; _4 J- x7 X/ g! ` (The Canadian Press) |
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