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OTTAWA - Ottawa has given its blessing to the sale of properties
' p5 N# a. I. ?& }owned by Athabasca Oil Sands Corp. to a Chinese company.7 n- h8 n( |6 v6 t
Federal Industry Minister Tony Clement says he has reviewed the% P' h, a. Z. K1 j# _3 z
deal between Athabasca and PetroChina International Investment Co.
9 U8 J2 w& J* nLtd. and finds its is likely to be of net benefit to Canada.
& e) e% {: d o @$ _. [* l! G Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% Z; w5 w3 M* umade a number of significant commitments should they be allowed to
7 K0 U. t) \3 ^& i' u1 K- Dacquire control of the MacKay and Dover oil sands projects.
* P! H0 Z- n, [8 J0 A9 B- l Among other things, the Chinese concerns have agreed to capital1 `0 F6 F2 A0 r3 S$ Q# m, G
expenditures in excess of $250 million for developing the properties
" J1 G8 f4 B4 w* g5 I6 n. {: dover the next three years.
1 b% I& r7 F$ e They have also pledged to increase employment levels in Canada as1 B% u. @0 S* c, [( @
they develop the projects over the next three years and to maintain3 l o4 v$ C' E
an Alberta head office for operating companies associated with the
. h) J3 g+ n8 q6 h9 t5 o5 v5 Pprojects for the next five years.
" e& T+ w8 J, t0 h+ S. K, h (The Canadian Press) |
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