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OTTAWA - Ottawa has given its blessing to the sale of properties
. e; l( E( L' uowned by Athabasca Oil Sands Corp. to a Chinese company.
& E6 c! r& ~6 m1 m5 \# K" C Federal Industry Minister Tony Clement says he has reviewed the
& ~2 L, F/ p& ` Udeal between Athabasca and PetroChina International Investment Co.! ~& ?9 h2 d2 R4 b# g! f" Z
Ltd. and finds its is likely to be of net benefit to Canada.6 }& `/ R- ~$ [7 X3 W9 ?5 I H+ D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 W" N, w+ ?- e) }4 vmade a number of significant commitments should they be allowed to) \" z7 u# G! ~+ w' k' G5 v2 q
acquire control of the MacKay and Dover oil sands projects.1 r }+ I( o7 A& |
Among other things, the Chinese concerns have agreed to capital z ^1 @+ m( q' X0 C& R8 h( O
expenditures in excess of $250 million for developing the properties
$ T# O+ K3 C! M# n9 _6 Hover the next three years.. u6 y, q% u% H( V% j4 h! L! ]
They have also pledged to increase employment levels in Canada as
+ `6 W' z; Q9 I' B% V Y2 \they develop the projects over the next three years and to maintain
/ t$ I! h8 B6 o9 ^2 o- F7 ^an Alberta head office for operating companies associated with the; c* R4 Q9 H3 [2 s
projects for the next five years.2 b0 M4 U; U, S" f/ B
(The Canadian Press) |
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