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OTTAWA - Ottawa has given its blessing to the sale of properties; \, A+ \7 {3 _: R) g- q$ T( ?
owned by Athabasca Oil Sands Corp. to a Chinese company.
- i9 g8 j# @) `; j3 t( F1 ?- E: Q Federal Industry Minister Tony Clement says he has reviewed the: O9 ^" S. T# o4 B+ Z8 f8 c7 m
deal between Athabasca and PetroChina International Investment Co.8 u- \7 k# c( D
Ltd. and finds its is likely to be of net benefit to Canada.! t& S1 W* r; T5 _
Clement says PetroChina and its parent, PetroChina Co. Ltd., have% \* Z- `7 V8 j- I6 L2 a
made a number of significant commitments should they be allowed to
3 e$ l0 p/ X; i* m8 }' G2 Iacquire control of the MacKay and Dover oil sands projects.) Z! F9 f) S8 J, e- d4 c
Among other things, the Chinese concerns have agreed to capital
7 S* G, B$ ^! S* `expenditures in excess of $250 million for developing the properties8 W# o" x- W- B5 ?! [+ t. C- o
over the next three years.
3 \: F0 X1 q& S2 H6 Q- `' ` They have also pledged to increase employment levels in Canada as' e! v6 C6 k9 R4 T# G( d3 m
they develop the projects over the next three years and to maintain
d8 X+ @4 S. q7 P; u& Dan Alberta head office for operating companies associated with the5 j7 S8 a* a+ X
projects for the next five years.
5 S$ c- i! Q' f$ h. a (The Canadian Press) |
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