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OTTAWA - Ottawa has given its blessing to the sale of properties
5 l: Y6 d1 y9 Z1 `2 \: Jowned by Athabasca Oil Sands Corp. to a Chinese company.2 q# ]5 u+ q9 l4 Q2 ]
Federal Industry Minister Tony Clement says he has reviewed the1 S4 n. B2 W+ y. m1 E4 N
deal between Athabasca and PetroChina International Investment Co.! n+ Y( e; X; C. A
Ltd. and finds its is likely to be of net benefit to Canada.
% D7 g+ o- e" n+ U% E3 L/ @& n Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ S" H, u" H+ s5 P) t+ C
made a number of significant commitments should they be allowed to. e, l+ O7 W5 U7 L% |2 }# }, \
acquire control of the MacKay and Dover oil sands projects.3 X! v# S( h, E5 `( a
Among other things, the Chinese concerns have agreed to capital$ f; F* q' o) B0 I: Q8 M
expenditures in excess of $250 million for developing the properties
$ ]4 o+ i. _% U" \) eover the next three years.
3 G1 {1 b+ a/ x+ j- y& n# [, x They have also pledged to increase employment levels in Canada as
' b. F7 o" {. n4 c7 Qthey develop the projects over the next three years and to maintain7 K7 s4 u! W- Q: w, u$ d
an Alberta head office for operating companies associated with the
% @1 B! b- \% G% [# vprojects for the next five years.
" A, P" y6 v: Z4 J9 s( K) u (The Canadian Press) |
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