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OTTAWA - Ottawa has given its blessing to the sale of properties
, [6 [7 g& Q3 i s9 ^9 ~( qowned by Athabasca Oil Sands Corp. to a Chinese company.
+ k5 i4 j1 v- M5 E, g- H1 k4 \1 D Federal Industry Minister Tony Clement says he has reviewed the
! Y. t. \! t; _) |4 l' ^& mdeal between Athabasca and PetroChina International Investment Co.
0 D# G9 s% l [& c/ ?; DLtd. and finds its is likely to be of net benefit to Canada., r4 N7 c7 ?0 u$ E6 {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. \2 l% }, L* C Amade a number of significant commitments should they be allowed to2 @$ X' T0 b5 g$ R {5 k* U
acquire control of the MacKay and Dover oil sands projects.
$ K$ M& K$ G+ a/ C Among other things, the Chinese concerns have agreed to capital1 X! s/ l. E' R
expenditures in excess of $250 million for developing the properties. }7 T& B6 \) f; x0 D4 u
over the next three years.
/ O0 V% v0 E! L5 R" S They have also pledged to increase employment levels in Canada as
+ E& f$ x; J9 V% W1 ?) H8 ythey develop the projects over the next three years and to maintain0 L( e% y9 I$ y- U- i$ I
an Alberta head office for operating companies associated with the$ G; z7 c6 Q' @9 s0 _7 Y/ i
projects for the next five years.
6 T9 a4 w5 L. Y, u, T K8 Q (The Canadian Press) |
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