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OTTAWA - Ottawa has given its blessing to the sale of properties
1 W# K. R; Q& e" d: s1 ` Iowned by Athabasca Oil Sands Corp. to a Chinese company.# V) N4 u# [' q, P
Federal Industry Minister Tony Clement says he has reviewed the; E/ x% P3 u, t; l) I/ F
deal between Athabasca and PetroChina International Investment Co.( r9 V. i% t- ~5 G% K2 C' p F, J
Ltd. and finds its is likely to be of net benefit to Canada.
; X" X2 G* N/ \" b Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 L# Z0 K- G: ? a8 X' {, q! B: amade a number of significant commitments should they be allowed to( N" J e4 `% Q1 x% s( b! f
acquire control of the MacKay and Dover oil sands projects.2 U! u0 J) O0 n: y
Among other things, the Chinese concerns have agreed to capital
+ @6 a1 Q' z$ o* ~2 _- q6 i3 L- ^expenditures in excess of $250 million for developing the properties/ v. J6 t2 I i& o1 }/ `0 S9 U
over the next three years.
. Y9 ~# J" K7 s& ~* H. }' V1 ? They have also pledged to increase employment levels in Canada as
9 H3 L, G6 M# D5 b+ V6 V- hthey develop the projects over the next three years and to maintain' E2 \1 Y) K2 w2 D [
an Alberta head office for operating companies associated with the
7 E: h6 P- J4 Q3 v4 t+ }6 }projects for the next five years.! O; _+ I) o% p# Q
(The Canadian Press) |
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