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OTTAWA - Ottawa has given its blessing to the sale of properties
! _( N6 P9 p# B0 s. Y0 qowned by Athabasca Oil Sands Corp. to a Chinese company.: B: z' }$ T' Q/ m( l. L9 K
Federal Industry Minister Tony Clement says he has reviewed the
( K$ F" H0 Y) f5 H+ Z1 }/ \$ tdeal between Athabasca and PetroChina International Investment Co.# E2 V& G- C9 n# x' j6 T0 }
Ltd. and finds its is likely to be of net benefit to Canada.5 W- i. ]5 L) c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 E d( s: o) D M7 C9 pmade a number of significant commitments should they be allowed to
, r" f) s/ d1 g& pacquire control of the MacKay and Dover oil sands projects., A7 F% a- @5 M" |! o$ o4 V( `* P& \
Among other things, the Chinese concerns have agreed to capital
- }! _, L' _2 J0 q8 O! Nexpenditures in excess of $250 million for developing the properties% ^5 A1 m* O/ J& J5 s" r
over the next three years.
: \% c/ p: y( T" J+ ~! H They have also pledged to increase employment levels in Canada as
! a7 w' O3 b% p! K4 `2 ^ V. B+ jthey develop the projects over the next three years and to maintain
, }6 q8 N0 c% {5 R1 L' qan Alberta head office for operating companies associated with the) h4 p5 M* S3 p8 W
projects for the next five years.* I# e0 r& q7 _7 X1 \
(The Canadian Press) |
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