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OTTAWA - Ottawa has given its blessing to the sale of properties8 d. L1 P# u+ @7 ^" v4 i+ n
owned by Athabasca Oil Sands Corp. to a Chinese company.2 z3 I3 x: Q/ O
Federal Industry Minister Tony Clement says he has reviewed the
0 u8 ?+ ]* i7 T7 udeal between Athabasca and PetroChina International Investment Co.
( x4 V) {; _) T2 TLtd. and finds its is likely to be of net benefit to Canada.
& c( O3 x2 \# b, E- n Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 v4 K6 @, V/ D# Q7 L" xmade a number of significant commitments should they be allowed to, T A2 v8 K& G% n
acquire control of the MacKay and Dover oil sands projects.
5 h. V/ Y" {+ O4 ~; O! u8 `3 k Among other things, the Chinese concerns have agreed to capital
: x' N! p; L* b+ N0 ]expenditures in excess of $250 million for developing the properties8 Q3 k/ m. E% k$ ^: q6 @0 f* T
over the next three years.
. b9 C ?' |; ^9 K They have also pledged to increase employment levels in Canada as( j- U- G4 ~9 X: e" U; `
they develop the projects over the next three years and to maintain
3 j ?1 V4 K# han Alberta head office for operating companies associated with the: a% }1 I* [, q
projects for the next five years.
/ Z, }5 @" L' m (The Canadian Press) |
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