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OTTAWA - Ottawa has given its blessing to the sale of properties7 c) S. W; f g2 U c+ ?/ W' x! G
owned by Athabasca Oil Sands Corp. to a Chinese company.9 ^: ^, m, o* g
Federal Industry Minister Tony Clement says he has reviewed the
0 ^5 p; s4 D7 C! H" a+ z# |$ y- Cdeal between Athabasca and PetroChina International Investment Co.; y2 G% k/ m& l9 O
Ltd. and finds its is likely to be of net benefit to Canada.
: |; b: ?, t$ X: `9 C: \- J Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( g t N& P% B" X" \5 w9 R6 nmade a number of significant commitments should they be allowed to9 v0 l- o) g3 [% c8 s8 E) z; n$ u
acquire control of the MacKay and Dover oil sands projects.
* D5 N9 I, e1 v F: }9 | Among other things, the Chinese concerns have agreed to capital
! d4 x/ I# q4 K$ Q8 i3 Rexpenditures in excess of $250 million for developing the properties+ A& q: V: ]0 D5 @, Z
over the next three years.& B2 \" g, q7 E1 R+ [1 l1 i
They have also pledged to increase employment levels in Canada as
$ ?& u# C- y$ t4 E# [0 v p' Q# R( rthey develop the projects over the next three years and to maintain* Q6 }/ `$ d( \! X( @* N) s/ p
an Alberta head office for operating companies associated with the
' ]4 J* [. m/ R1 ^" F, M# wprojects for the next five years.9 ^0 F8 n0 v$ X( w; i
(The Canadian Press) |
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