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OTTAWA - Ottawa has given its blessing to the sale of properties
0 o2 c0 }. v5 e; K6 p) w8 Iowned by Athabasca Oil Sands Corp. to a Chinese company.- H4 C- H+ s2 G& F9 |/ f% t
Federal Industry Minister Tony Clement says he has reviewed the
7 ?0 k$ v! L. {, adeal between Athabasca and PetroChina International Investment Co.
9 S& h; g& q6 _. ^& W- d$ c9 {Ltd. and finds its is likely to be of net benefit to Canada.0 D3 }5 r/ T$ W: A5 `4 z; z+ {5 l
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ ? {- _. n$ E# t9 I
made a number of significant commitments should they be allowed to) v# M7 i1 K, Z( s0 k2 \- n
acquire control of the MacKay and Dover oil sands projects.
% a* @0 ~2 i+ B& r Among other things, the Chinese concerns have agreed to capital
$ d& E+ s( a. x B' j+ Jexpenditures in excess of $250 million for developing the properties. ^0 P* ?1 I( k) c" {5 D
over the next three years.. P) i; a) \, u, w. D
They have also pledged to increase employment levels in Canada as6 d m7 J/ ?3 e$ r
they develop the projects over the next three years and to maintain
& n* E( m& l( ]4 b1 h. c. `an Alberta head office for operating companies associated with the- ^2 @: z! P- K# h2 ~* o U# W
projects for the next five years.0 N A' s) V& ~5 a
(The Canadian Press) |
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