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OTTAWA - Ottawa has given its blessing to the sale of properties
' G, z' { }+ V2 s4 X6 h# c6 powned by Athabasca Oil Sands Corp. to a Chinese company.6 ^) F" t5 d: T" D! c2 ~
Federal Industry Minister Tony Clement says he has reviewed the
1 Q+ e9 _" ?$ e( x7 a6 e0 Adeal between Athabasca and PetroChina International Investment Co.
8 {8 I( o/ j5 w* @$ ?Ltd. and finds its is likely to be of net benefit to Canada.
' L& w/ A) ~- G( | Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 n$ N& r$ k9 |. H2 g& Zmade a number of significant commitments should they be allowed to, q) y+ W- N) ^/ `
acquire control of the MacKay and Dover oil sands projects.
: I" l) h3 J1 l+ z1 S e4 I) f Among other things, the Chinese concerns have agreed to capital
' [0 A) W" R( s+ @4 U: vexpenditures in excess of $250 million for developing the properties: x- c- z' o, v: x& n( C/ P( r. A
over the next three years.! `- V+ ~0 N, d6 X4 q" j
They have also pledged to increase employment levels in Canada as
0 |& e& N3 _( r6 E0 Rthey develop the projects over the next three years and to maintain
+ {. e% V" ]$ q& D$ F- t0 Jan Alberta head office for operating companies associated with the
2 g+ A' Q, @) Y) {" y& a: H( W/ e. u' cprojects for the next five years.6 u2 h# `. E- q
(The Canadian Press) |
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