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OTTAWA - Ottawa has given its blessing to the sale of properties( r# U8 t$ ? q% ~ z% O6 y5 T
owned by Athabasca Oil Sands Corp. to a Chinese company.
4 A+ a$ d" _' ~* A4 N Federal Industry Minister Tony Clement says he has reviewed the
' V% S& Q: z1 }* i" s& e& G8 K v' vdeal between Athabasca and PetroChina International Investment Co.
; M3 p/ G8 ^; r# Y- b8 b* ?; S, d+ WLtd. and finds its is likely to be of net benefit to Canada.
' P3 q7 C1 E4 t9 e4 t# C Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 z# s8 \, i. e, Y$ v2 Jmade a number of significant commitments should they be allowed to
8 c% }$ Z; y; f# d, Q4 C+ u9 y$ d1 _acquire control of the MacKay and Dover oil sands projects.
- I- w6 i9 q- p: n2 ^1 r Among other things, the Chinese concerns have agreed to capital3 K1 O5 N5 Q$ ?; ^ G: O* X' _
expenditures in excess of $250 million for developing the properties, z; U; G5 O6 h
over the next three years.
- d& {; F+ E/ w They have also pledged to increase employment levels in Canada as
2 J7 a( ~$ t3 e! ~ e% P* Bthey develop the projects over the next three years and to maintain
' R5 O6 L p# @# v! q5 S) }) m4 Ian Alberta head office for operating companies associated with the- ~) u. V8 i1 e! i/ Q" P( U
projects for the next five years.
% H1 X- a8 w: K- ?/ `# K (The Canadian Press) |
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