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OTTAWA - Ottawa has given its blessing to the sale of properties" Q) M% j b, E) s: s* [6 r2 R0 r1 O
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 I3 i5 L) k% w( X Federal Industry Minister Tony Clement says he has reviewed the
6 ]' d/ X& S, [4 f" Hdeal between Athabasca and PetroChina International Investment Co.- E# C, X8 S) Y* k* X
Ltd. and finds its is likely to be of net benefit to Canada.
! {; K/ T- ?& l% P) [ Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 [& m( v. F" p$ M! w" u. Q
made a number of significant commitments should they be allowed to
0 L: f4 ?9 s) j* P! iacquire control of the MacKay and Dover oil sands projects.
+ V6 Y9 c! O: J1 Z Among other things, the Chinese concerns have agreed to capital5 F9 R7 h. [3 W/ E L% F# Y7 P
expenditures in excess of $250 million for developing the properties2 T1 A4 r" b. D6 i! Q6 K/ H6 i
over the next three years.
# M6 e4 |8 y9 D0 e) _ They have also pledged to increase employment levels in Canada as/ u2 X% R; M: v
they develop the projects over the next three years and to maintain9 b6 R. E; B. e/ z
an Alberta head office for operating companies associated with the
- q! {8 |! M) b& x$ \3 Kprojects for the next five years.
) z( z" f! ^# S( m2 A& e2 z (The Canadian Press) |
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