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OTTAWA - Ottawa has given its blessing to the sale of properties9 D. I9 w0 m2 ]+ h! S9 d" g* Z n
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 |6 b" w* w& q6 A1 U1 X Federal Industry Minister Tony Clement says he has reviewed the
- Q4 ~% X, t) Z) {5 i$ K ?: ~deal between Athabasca and PetroChina International Investment Co.
9 b& S' g, L5 g' u: w5 [0 ~Ltd. and finds its is likely to be of net benefit to Canada.& @( ~0 H( o' {* S( x% e6 A5 F
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
/ F" I4 }, r" X0 w, B# A+ w2 Kmade a number of significant commitments should they be allowed to7 i0 X) v: g: d( u
acquire control of the MacKay and Dover oil sands projects.
1 T# d: v. H* w+ x5 A1 e Among other things, the Chinese concerns have agreed to capital3 A; `4 ]: N1 q5 y+ e6 e
expenditures in excess of $250 million for developing the properties1 P6 a2 \8 C* ]% L
over the next three years.
" Y5 R& S9 d; u1 Y9 R H+ i9 F They have also pledged to increase employment levels in Canada as/ P' h. M0 J" j) t
they develop the projects over the next three years and to maintain' A5 n3 X9 n3 V2 L
an Alberta head office for operating companies associated with the4 S: K4 v' j* T+ o& Q3 d2 I
projects for the next five years.
; K9 r$ H0 j6 [% @% i (The Canadian Press) |
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