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OTTAWA - Ottawa has given its blessing to the sale of properties+ ~+ z+ O' H1 w6 W# [- I
owned by Athabasca Oil Sands Corp. to a Chinese company.- e. _# o; a/ l, e1 `6 _
Federal Industry Minister Tony Clement says he has reviewed the* V8 G4 b' y9 @' Z
deal between Athabasca and PetroChina International Investment Co.
t" s$ t4 y3 ], W- v1 h6 L8 Z+ PLtd. and finds its is likely to be of net benefit to Canada.3 |; y6 ~% `3 |1 R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 P) Y0 C& ?8 x4 d5 J6 {8 ~
made a number of significant commitments should they be allowed to
# t- v$ k3 r5 P; J& eacquire control of the MacKay and Dover oil sands projects.
2 q: E! B0 j S9 a$ ]& W. @; x! h Among other things, the Chinese concerns have agreed to capital9 }2 k* {: l9 N$ w3 E5 U7 Q
expenditures in excess of $250 million for developing the properties% s- y" y+ W- c# A w4 w
over the next three years.
. B6 w: k& J" c5 }7 R They have also pledged to increase employment levels in Canada as9 l- W1 I5 l1 @7 ?% Q
they develop the projects over the next three years and to maintain- C) K) L4 `9 c+ Q2 k6 s
an Alberta head office for operating companies associated with the1 E, E& q) N! _! E" F+ H) N# o
projects for the next five years.
, R- G9 B8 F: r1 d (The Canadian Press) |
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