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OTTAWA - Ottawa has given its blessing to the sale of properties9 x/ H9 o1 t6 N; S& r- d
owned by Athabasca Oil Sands Corp. to a Chinese company.! b) I# G1 Z7 ~7 l% z; H* q+ n
Federal Industry Minister Tony Clement says he has reviewed the
% W* D4 s# {6 X4 h+ l# Bdeal between Athabasca and PetroChina International Investment Co.
$ V8 U( D6 O; j" v5 e& h: c4 J3 wLtd. and finds its is likely to be of net benefit to Canada.+ ~( j8 ^7 {8 t* V( ]& d" }
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* i$ A; R) z, O2 W( m1 y
made a number of significant commitments should they be allowed to
7 B4 L9 l& l+ y6 m* g) T6 S! z: l: ~acquire control of the MacKay and Dover oil sands projects.
/ c! n% n' v% A, \" l1 ` Among other things, the Chinese concerns have agreed to capital
1 B8 h$ p+ ?; Z F. V; cexpenditures in excess of $250 million for developing the properties
3 W( a# A! S2 q ?" u$ jover the next three years.+ W. ]9 e4 w$ h$ X4 {/ [2 q
They have also pledged to increase employment levels in Canada as
: K" u, Z+ ~/ ?+ o% g/ Wthey develop the projects over the next three years and to maintain
( g3 V5 S/ u9 R$ s1 d$ F9 ^' Wan Alberta head office for operating companies associated with the
) W6 c" i6 B+ c0 Vprojects for the next five years.
R/ o; J+ ^# }2 L+ y (The Canadian Press) |
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