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OTTAWA - Ottawa has given its blessing to the sale of properties
W6 Y* Z5 ^+ m: r1 b# Uowned by Athabasca Oil Sands Corp. to a Chinese company.
% B# N% D& X1 ?$ F( J Federal Industry Minister Tony Clement says he has reviewed the! _( D, J+ s/ X5 }- m0 A- w. w
deal between Athabasca and PetroChina International Investment Co. N" f9 i5 J& K8 d+ N- n7 x5 ^
Ltd. and finds its is likely to be of net benefit to Canada.5 ], k C2 {7 S+ R; ?
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 b; W5 ^! E! ?% e. ]2 K0 ^made a number of significant commitments should they be allowed to9 T$ o2 i- k$ |; a
acquire control of the MacKay and Dover oil sands projects.
" p1 w. P' g" R H3 \: p! h Among other things, the Chinese concerns have agreed to capital
' p. l* M0 E" t4 i0 \+ }1 a: sexpenditures in excess of $250 million for developing the properties
L& H2 x, l. S/ @over the next three years.4 @8 ^9 `; j* o) h
They have also pledged to increase employment levels in Canada as
( J P5 l7 O8 w8 a+ ?3 Xthey develop the projects over the next three years and to maintain
/ ~! r* n* Q& U$ Q2 L0 ~an Alberta head office for operating companies associated with the: u& H* n h8 A% d6 l% o5 t Z5 y
projects for the next five years.
" L5 Q% ]8 C% o (The Canadian Press) |
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