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OTTAWA - Ottawa has given its blessing to the sale of properties6 O% [9 Q: P' {, Z% O1 K; y
owned by Athabasca Oil Sands Corp. to a Chinese company. `; i6 U3 R, H' l3 g
Federal Industry Minister Tony Clement says he has reviewed the; @" A, O$ I$ d) G: i
deal between Athabasca and PetroChina International Investment Co.0 x/ C% ?* \! ^9 F
Ltd. and finds its is likely to be of net benefit to Canada.+ t' F! K+ ^/ S# c, J( J6 I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 D( f3 p# f; ~5 Y( omade a number of significant commitments should they be allowed to
" i3 k9 {3 _ j6 t- R0 kacquire control of the MacKay and Dover oil sands projects.
4 K' V: h8 Y/ R% r3 r Among other things, the Chinese concerns have agreed to capital
- k5 m+ p6 G u1 L+ b& a! jexpenditures in excess of $250 million for developing the properties1 K' }+ B' I: x m
over the next three years.
8 N9 E n; N! [" j' G' z4 B$ k They have also pledged to increase employment levels in Canada as
& E$ f& U# r! a- X, C0 ^- z4 P3 C! Gthey develop the projects over the next three years and to maintain
/ Z) m, F& q4 X4 U2 Wan Alberta head office for operating companies associated with the" t" k& D: O# `- \, M! n" P
projects for the next five years.
+ b/ H l0 F0 p; J (The Canadian Press) |
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