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OTTAWA - Ottawa has given its blessing to the sale of properties
7 H9 T. |6 A# ^1 L4 ^' o+ H0 a5 _owned by Athabasca Oil Sands Corp. to a Chinese company./ f4 a8 [) _: T5 F ]
Federal Industry Minister Tony Clement says he has reviewed the
6 ^. m, W1 ?) { U1 r$ Pdeal between Athabasca and PetroChina International Investment Co.& M, s- p* {4 D2 N+ k6 f
Ltd. and finds its is likely to be of net benefit to Canada.
$ M; f* F2 E! K Clement says PetroChina and its parent, PetroChina Co. Ltd., have# z5 P/ Q$ @! F
made a number of significant commitments should they be allowed to1 g& l, J% T: t! i& a& e
acquire control of the MacKay and Dover oil sands projects.
( t# B8 U2 D$ ?" z) i Among other things, the Chinese concerns have agreed to capital) a/ i- x# F. y6 G
expenditures in excess of $250 million for developing the properties
# A3 D1 M* \" q8 X' a/ wover the next three years.( E; L6 j3 W: Y
They have also pledged to increase employment levels in Canada as% Z6 H2 g+ _# C( W0 o% S$ x7 d
they develop the projects over the next three years and to maintain
: h- t# s1 H# r" X/ @& y/ q2 I! v8 q+ ?% ]an Alberta head office for operating companies associated with the% ^8 v: s! ]0 }0 ^" r, g7 ~
projects for the next five years.
* ^, e+ i3 D: o1 ^ (The Canadian Press) |
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