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OTTAWA - Ottawa has given its blessing to the sale of properties
2 T' t, T: U |' s) ^+ w3 \" Qowned by Athabasca Oil Sands Corp. to a Chinese company.
, e% r6 p- C% w# @! ~' O& X Federal Industry Minister Tony Clement says he has reviewed the! o# g) X3 c `4 Y5 U8 Z2 q8 n
deal between Athabasca and PetroChina International Investment Co.
5 x% M. C3 A t2 [2 O6 J2 hLtd. and finds its is likely to be of net benefit to Canada.
6 ]+ J" W z/ w7 D Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" D5 i; ]( j7 j# ?, r2 Smade a number of significant commitments should they be allowed to
. F8 q8 S+ N% M( }. C% {acquire control of the MacKay and Dover oil sands projects.1 `( y3 m4 s- l+ U4 a: t
Among other things, the Chinese concerns have agreed to capital2 U) A% ] G+ @, [) w: A5 M; v
expenditures in excess of $250 million for developing the properties
) N0 ?0 j# U% G, Y: g% Aover the next three years.
( b# w7 B% L2 d+ D They have also pledged to increase employment levels in Canada as2 i+ E: q! M" a* L3 q. ^0 g3 B7 ~
they develop the projects over the next three years and to maintain% z, M2 \! o. s8 W! F& @
an Alberta head office for operating companies associated with the% u8 s; A- l5 s& {1 f3 Q
projects for the next five years.
/ g/ a) ?) O+ M! o5 ~" t z- v (The Canadian Press) |
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