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OTTAWA - Ottawa has given its blessing to the sale of properties
! k; @& _8 d! t: Q) powned by Athabasca Oil Sands Corp. to a Chinese company.! n3 [7 @# M- h. L) Y
Federal Industry Minister Tony Clement says he has reviewed the0 n9 c& B) I2 }2 A
deal between Athabasca and PetroChina International Investment Co.
8 x% N5 ~$ C" WLtd. and finds its is likely to be of net benefit to Canada./ f: x0 B E0 U, J& h
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. ~7 w( p. {( d' x/ ? Dmade a number of significant commitments should they be allowed to2 {% O% N: s1 `+ }, m- o& w3 u& a
acquire control of the MacKay and Dover oil sands projects.( g' |! `8 u0 S1 ~
Among other things, the Chinese concerns have agreed to capital. [) H/ V* ^# a! e9 c
expenditures in excess of $250 million for developing the properties. ] w. E! x3 T" } s" y
over the next three years.
6 k7 v9 }; ^6 k3 e They have also pledged to increase employment levels in Canada as2 h+ e9 ^- T; X h2 [1 S" F* j
they develop the projects over the next three years and to maintain) c3 T9 T9 Z7 g
an Alberta head office for operating companies associated with the/ d' n: ^9 K4 T
projects for the next five years.) \/ W. z' ?8 U0 Z8 K* H/ N
(The Canadian Press) |
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