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OTTAWA - Ottawa has given its blessing to the sale of properties4 ]2 o' U$ k* f# M# F# y8 o+ ~
owned by Athabasca Oil Sands Corp. to a Chinese company.
( @$ b" b& D& e6 l! G4 e% B Federal Industry Minister Tony Clement says he has reviewed the* C" x0 B' h2 X- C# p) e- B! s
deal between Athabasca and PetroChina International Investment Co.' Z4 f& r( _/ }- i \
Ltd. and finds its is likely to be of net benefit to Canada. S" x" S4 Z8 f) V/ d
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ i) C) _+ v& t
made a number of significant commitments should they be allowed to8 Q; G7 i; y3 P
acquire control of the MacKay and Dover oil sands projects.( o/ n- R+ g/ A
Among other things, the Chinese concerns have agreed to capital
+ g5 K) _6 I& I- g. [; ^4 dexpenditures in excess of $250 million for developing the properties- h9 a/ _ U9 U& j
over the next three years.
2 j& G8 E- e+ i/ v9 z+ p/ S4 H They have also pledged to increase employment levels in Canada as
5 W$ N# q* f, {3 u1 T" Othey develop the projects over the next three years and to maintain& _/ @; i, ?( u i
an Alberta head office for operating companies associated with the/ y8 t% W- m: A# y' C
projects for the next five years.3 B7 B, d' t$ O: p0 v+ p$ {4 T
(The Canadian Press) |
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