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OTTAWA - Ottawa has given its blessing to the sale of properties6 d$ B5 b: m- ^& C; M f
owned by Athabasca Oil Sands Corp. to a Chinese company." g$ `2 ` o4 H% o
Federal Industry Minister Tony Clement says he has reviewed the: W, A: \8 L. u, ^ U; ?0 g8 J
deal between Athabasca and PetroChina International Investment Co.* _8 Y$ M8 F8 h1 z2 N: o9 q
Ltd. and finds its is likely to be of net benefit to Canada.4 X5 t# R1 c& V* y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have! j' W7 M* m" {/ p
made a number of significant commitments should they be allowed to% L: t) Q! z, T' I: D/ L0 L
acquire control of the MacKay and Dover oil sands projects.
5 Q% U p( X" V; ?# f X4 B Among other things, the Chinese concerns have agreed to capital, i3 F4 n# ^7 k) L6 V h; B4 m
expenditures in excess of $250 million for developing the properties% k. g0 C! W! p% T. v# F% }
over the next three years.
: L7 v2 q' _& |$ V6 o They have also pledged to increase employment levels in Canada as; Z1 }$ ?, g& v' u
they develop the projects over the next three years and to maintain P N+ m$ E" Z
an Alberta head office for operating companies associated with the, @+ ]7 ?$ o7 J# X8 ]
projects for the next five years.
) T2 Q9 i0 t: W (The Canadian Press) |
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