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OTTAWA - Ottawa has given its blessing to the sale of properties
. [9 M: f) r: {: i8 nowned by Athabasca Oil Sands Corp. to a Chinese company.
' T" t+ ^; b& N6 ] Federal Industry Minister Tony Clement says he has reviewed the. D, O% Y9 _* ]/ I9 H% Z
deal between Athabasca and PetroChina International Investment Co.4 t2 ?0 B( F# r; g4 x
Ltd. and finds its is likely to be of net benefit to Canada.
1 `* ^# M* w8 ?* L7 r* g* x/ z Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 I1 ~0 g+ F, O! p4 l" @
made a number of significant commitments should they be allowed to5 k* `* F1 j9 Y! _8 x+ o
acquire control of the MacKay and Dover oil sands projects.
9 h( b! b" M; l/ U; }; r Among other things, the Chinese concerns have agreed to capital& I+ e! d+ |3 K& Q0 [' {
expenditures in excess of $250 million for developing the properties
: W, d0 z3 t- t$ F6 R+ Zover the next three years.
( I# C' f9 H& A0 _' ]/ ] They have also pledged to increase employment levels in Canada as
& s1 c9 i* z1 O1 Tthey develop the projects over the next three years and to maintain. m2 s: h I4 s2 \- F4 f& [
an Alberta head office for operating companies associated with the- {1 l u; M, z# o8 @4 \
projects for the next five years.
4 `5 l+ W' A: c$ {7 c x (The Canadian Press) |
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