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OTTAWA - Ottawa has given its blessing to the sale of properties& m! m$ z% p5 V# a* D! @2 k7 f
owned by Athabasca Oil Sands Corp. to a Chinese company.0 c- ~9 ?$ Z- {- f- u# t* V: f2 Y4 b4 b
Federal Industry Minister Tony Clement says he has reviewed the3 }$ B) O5 c, p, L. ~, E4 K: l
deal between Athabasca and PetroChina International Investment Co.; W; W4 P* P( V/ k
Ltd. and finds its is likely to be of net benefit to Canada. e* q5 @; B/ l5 R2 c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& ~0 q2 K& @+ b* |
made a number of significant commitments should they be allowed to0 K" k) z7 O8 u7 e- z
acquire control of the MacKay and Dover oil sands projects.
. W6 q; o! V. r$ m* { Among other things, the Chinese concerns have agreed to capital
- ]! B4 G& E1 j4 X) Q% \expenditures in excess of $250 million for developing the properties
. _! z R' q3 u O, pover the next three years.
$ j( I# B" H+ a3 V+ ] They have also pledged to increase employment levels in Canada as
' G4 [ G. t) b/ @( ? Y0 dthey develop the projects over the next three years and to maintain
1 P7 {6 \9 j( K6 d" Kan Alberta head office for operating companies associated with the
% g5 O8 j3 y4 @, hprojects for the next five years." L( s2 @! @, t: B4 D
(The Canadian Press) |
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