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OTTAWA - Ottawa has given its blessing to the sale of properties( L4 |$ Z9 a& K; f E0 ^
owned by Athabasca Oil Sands Corp. to a Chinese company.
& X" e B6 |. m" A Federal Industry Minister Tony Clement says he has reviewed the
7 L, m _5 u) Q& R) c8 e! qdeal between Athabasca and PetroChina International Investment Co.1 L. T1 O1 x, g% n) ~" L; g( c
Ltd. and finds its is likely to be of net benefit to Canada.
' w! s& X, z' y4 { Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( I2 B. F4 ?5 d1 @8 K0 Qmade a number of significant commitments should they be allowed to- U7 N) w4 \! Y6 ?
acquire control of the MacKay and Dover oil sands projects.4 v/ f" X/ x4 f0 p7 o
Among other things, the Chinese concerns have agreed to capital# }! Y9 a3 j3 c: e" g# S# t% g
expenditures in excess of $250 million for developing the properties
0 r3 `- S6 n; y2 tover the next three years.$ B8 Q& [6 i0 Y! \! H& N
They have also pledged to increase employment levels in Canada as, ]2 F* y; G4 o* L" i& m, p' t2 g
they develop the projects over the next three years and to maintain, D, t' S% J& S1 V
an Alberta head office for operating companies associated with the9 c8 t, G- J8 m {9 _/ f
projects for the next five years.
; Y0 ]7 n/ u% o2 u- K3 D2 s (The Canadian Press) |
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