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OTTAWA - Ottawa has given its blessing to the sale of properties
0 P2 P5 \: Y! Q$ u8 [9 _; ?/ j' mowned by Athabasca Oil Sands Corp. to a Chinese company.; q3 z$ d$ N! E. k: a/ ?
Federal Industry Minister Tony Clement says he has reviewed the' r9 S& O9 t( L, w
deal between Athabasca and PetroChina International Investment Co.8 g1 C! w( U# U
Ltd. and finds its is likely to be of net benefit to Canada.: e$ B* a+ y# L: u0 l
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& o# j, L) Y1 Amade a number of significant commitments should they be allowed to
0 P. a- @2 V) x6 X, L6 Vacquire control of the MacKay and Dover oil sands projects.( r1 C H' @; l0 w; T
Among other things, the Chinese concerns have agreed to capital. h, s, {$ E1 v
expenditures in excess of $250 million for developing the properties$ T% n9 b& k; _" R7 p* }. S; T
over the next three years.
( V4 p- I8 {) j3 F% u# P+ k They have also pledged to increase employment levels in Canada as
- n# O' d$ V; H+ p/ }they develop the projects over the next three years and to maintain
4 G* z5 e7 x- C6 W) v% san Alberta head office for operating companies associated with the b; s+ _, A8 g
projects for the next five years.# m7 m, }9 H( f" S. k
(The Canadian Press) |
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