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OTTAWA - Ottawa has given its blessing to the sale of properties
2 E0 l. m# K" Nowned by Athabasca Oil Sands Corp. to a Chinese company.) m4 I d0 H) ~6 Y
Federal Industry Minister Tony Clement says he has reviewed the
, K% G' M$ E$ [- A0 M2 Qdeal between Athabasca and PetroChina International Investment Co.. G3 w( v; n* J P, V2 O0 u
Ltd. and finds its is likely to be of net benefit to Canada.
2 c n# O0 o1 y1 |) J Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- M, f6 |2 g6 ]0 q. n% Vmade a number of significant commitments should they be allowed to4 q" L: `+ s: g" C, g
acquire control of the MacKay and Dover oil sands projects.7 V! N! q# q# S$ g% \
Among other things, the Chinese concerns have agreed to capital3 b4 s2 p# I! d
expenditures in excess of $250 million for developing the properties
1 R5 J# K4 Q5 F4 t& S2 xover the next three years.
$ n B5 E- V% m They have also pledged to increase employment levels in Canada as" A: }: D$ y$ s- _4 Q, d' J& a
they develop the projects over the next three years and to maintain, V# B. R) @! @ ]4 D: s4 W: L
an Alberta head office for operating companies associated with the: ~: i4 G" v% X4 W/ s9 o6 X
projects for the next five years.6 y5 g' h' O( u# c
(The Canadian Press) |
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