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OTTAWA - Ottawa has given its blessing to the sale of properties6 m# Q) C6 k5 @3 N* H
owned by Athabasca Oil Sands Corp. to a Chinese company.8 J& X, U" `4 G1 T: f; n3 v
Federal Industry Minister Tony Clement says he has reviewed the: Q5 O, y& V5 N9 l' {* V
deal between Athabasca and PetroChina International Investment Co.
" a7 w, E; J* o8 d* I5 _- \Ltd. and finds its is likely to be of net benefit to Canada.
/ u' r$ U! d! W! E Clement says PetroChina and its parent, PetroChina Co. Ltd., have5 @& b. K) h5 g" F
made a number of significant commitments should they be allowed to
8 `/ x5 l7 k J+ v+ I3 i dacquire control of the MacKay and Dover oil sands projects.3 f9 q9 W3 H( A: x
Among other things, the Chinese concerns have agreed to capital" d1 N/ g) A% O# s6 g+ S3 d1 _
expenditures in excess of $250 million for developing the properties& K5 @; S9 S L
over the next three years.7 F8 a% }/ l t5 y+ e
They have also pledged to increase employment levels in Canada as
" F' K% _4 T1 pthey develop the projects over the next three years and to maintain
; A6 V/ ? l/ T' f$ y+ }1 `an Alberta head office for operating companies associated with the% F! [+ p6 a1 U
projects for the next five years.
7 y/ {0 q0 W4 P; W( L (The Canadian Press) |
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