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OTTAWA - Ottawa has given its blessing to the sale of properties
% X' F9 L$ I& `% Yowned by Athabasca Oil Sands Corp. to a Chinese company.; p `! T) T& s. @& N/ `1 Z
Federal Industry Minister Tony Clement says he has reviewed the
! ]; `$ S. F( kdeal between Athabasca and PetroChina International Investment Co.
( D4 `* I ^* ^1 \2 m) SLtd. and finds its is likely to be of net benefit to Canada.
7 Q: x. V8 ?5 w, a7 }3 @. P/ A5 z Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( b9 H8 t: }4 i( ~6 Wmade a number of significant commitments should they be allowed to
1 ]( x1 L0 O! \+ m# E" Yacquire control of the MacKay and Dover oil sands projects.
8 f# o7 F" w I. i0 P; Z Among other things, the Chinese concerns have agreed to capital; D2 ^8 l A8 O! Y* k9 Q7 l m3 e
expenditures in excess of $250 million for developing the properties9 E$ P C4 K7 E6 X6 o0 l- A
over the next three years.$ I7 V! O% l$ p A* @4 y, I
They have also pledged to increase employment levels in Canada as* m0 ^* F+ s, E9 N
they develop the projects over the next three years and to maintain
! T) J* c" z8 E, Xan Alberta head office for operating companies associated with the
3 z, E, k: w8 B* ~# A0 ^projects for the next five years.
& W9 _5 X3 n1 T. z* q (The Canadian Press) |
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