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OTTAWA - Ottawa has given its blessing to the sale of properties
" N) d8 A4 \$ M1 E; w' fowned by Athabasca Oil Sands Corp. to a Chinese company.6 {% Y5 |2 H: A( g V) |
Federal Industry Minister Tony Clement says he has reviewed the
0 T ?2 c- p, j/ `9 a0 Z D4 ~deal between Athabasca and PetroChina International Investment Co.9 C8 X+ g+ h3 x# T# \: N, O
Ltd. and finds its is likely to be of net benefit to Canada.$ s+ Z! X- h& |$ N. }1 B
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 F6 N/ @# M. Y
made a number of significant commitments should they be allowed to( y0 W. d5 |& D- m5 Y
acquire control of the MacKay and Dover oil sands projects.- \# b! I, q6 F4 G' c
Among other things, the Chinese concerns have agreed to capital
/ h- b3 h. [ l8 Zexpenditures in excess of $250 million for developing the properties! Z* \) z0 C4 `6 B; ~0 _% W0 S
over the next three years.1 ^) b4 H4 e; ]" m. g
They have also pledged to increase employment levels in Canada as
! d6 s( t0 \* N* [) Tthey develop the projects over the next three years and to maintain& y3 _4 [6 f% \' z; S7 } I" L, ]
an Alberta head office for operating companies associated with the
: D: ~9 a" v4 u- _2 u' Hprojects for the next five years.
* p" F3 e: m9 T7 K6 B (The Canadian Press) |
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