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OTTAWA - Ottawa has given its blessing to the sale of properties
) H# h+ b7 [$ T8 c' O. ^owned by Athabasca Oil Sands Corp. to a Chinese company.( o5 W) i4 |( P) n& c& ~7 z
Federal Industry Minister Tony Clement says he has reviewed the
% J1 |2 o7 L# X, d5 c% |! G! ideal between Athabasca and PetroChina International Investment Co.
. m2 d$ t! \3 V( a# cLtd. and finds its is likely to be of net benefit to Canada.% o8 H2 a6 m z, D+ c. l5 }( q
Clement says PetroChina and its parent, PetroChina Co. Ltd., have( N5 ]9 o; z3 a, R1 V: l
made a number of significant commitments should they be allowed to; r8 J' Q9 U4 E7 c
acquire control of the MacKay and Dover oil sands projects.9 K( J9 l$ c" t7 w2 q K
Among other things, the Chinese concerns have agreed to capital
4 ^0 U# [) K2 a5 ^% Pexpenditures in excess of $250 million for developing the properties
' N, h: u- Y4 m, nover the next three years.& W: G8 f$ a! Y; r: e3 c9 W2 [+ a
They have also pledged to increase employment levels in Canada as
4 i4 {) \* R; ]( `; b; Gthey develop the projects over the next three years and to maintain, n: T' K$ u ?1 L
an Alberta head office for operating companies associated with the: R0 e( N' ]! ]2 z& S9 y( R
projects for the next five years.
8 ?; ?3 {# _! Q (The Canadian Press) |
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