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OTTAWA - Ottawa has given its blessing to the sale of properties
* h, Z) a/ P8 W+ i* nowned by Athabasca Oil Sands Corp. to a Chinese company.
8 h5 O0 j1 m* N6 O& y! }# ] Federal Industry Minister Tony Clement says he has reviewed the
( J2 c6 O' t' Cdeal between Athabasca and PetroChina International Investment Co.- ?* y/ x+ u. t8 r, ?: [( ~
Ltd. and finds its is likely to be of net benefit to Canada.
7 ?& R. c! f5 M% f/ D$ J, x- \7 u; d Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; |1 j' ?) M4 M) h( u6 @8 Emade a number of significant commitments should they be allowed to
# A2 r; Y0 I5 Eacquire control of the MacKay and Dover oil sands projects.! @5 Z( z# S/ b. N4 U- o0 \
Among other things, the Chinese concerns have agreed to capital
& l8 j0 f' m% Z2 Iexpenditures in excess of $250 million for developing the properties
8 J3 u4 n! E; q" l% ?1 b7 lover the next three years.* j0 ?7 f( Y6 G2 S/ R
They have also pledged to increase employment levels in Canada as
; `% k* f& l( J- Q/ `+ }they develop the projects over the next three years and to maintain8 @% c! \. h N. a3 n- _
an Alberta head office for operating companies associated with the; G' {; l' B5 a7 O
projects for the next five years.7 U% i0 m% I! E0 n+ f! p' I7 J* H
(The Canadian Press) |
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