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OTTAWA - Ottawa has given its blessing to the sale of properties
: e- ?/ S& e% u4 U8 a, X+ Oowned by Athabasca Oil Sands Corp. to a Chinese company.$ L! x* U1 @2 T7 v4 I3 i% z
Federal Industry Minister Tony Clement says he has reviewed the
' n5 }+ N$ R3 v. |) Gdeal between Athabasca and PetroChina International Investment Co.. M' d+ x% p4 r' f" P7 g7 H9 ~
Ltd. and finds its is likely to be of net benefit to Canada./ y' z7 J( H: B4 G' D9 R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# s2 |' }# O5 }# b6 ~4 jmade a number of significant commitments should they be allowed to' Y0 w( F, w% `) c$ `1 _- G; v
acquire control of the MacKay and Dover oil sands projects.
" [ _ | g* \4 v Among other things, the Chinese concerns have agreed to capital/ {% E6 E) D; C# I
expenditures in excess of $250 million for developing the properties
6 X* D% a( W8 B( Y. R6 m1 O; Yover the next three years. e) h3 z0 p! o b9 Z& A. K7 [
They have also pledged to increase employment levels in Canada as
2 V& E1 P( Q1 M3 G' F- Qthey develop the projects over the next three years and to maintain& w3 ^2 {7 R% `, u. F4 B4 ]
an Alberta head office for operating companies associated with the- J, b& t5 B5 p2 H( W
projects for the next five years.
, V9 f* o9 K2 W/ @- ~- A (The Canadian Press) |
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