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OTTAWA - Ottawa has given its blessing to the sale of properties3 v, b* E0 ?4 k8 [7 s
owned by Athabasca Oil Sands Corp. to a Chinese company.
" _0 ]+ {3 c- g; W! T, Z Federal Industry Minister Tony Clement says he has reviewed the
0 Q! l: d, P: j# Xdeal between Athabasca and PetroChina International Investment Co.+ g1 A1 a3 Y4 X7 o: Z
Ltd. and finds its is likely to be of net benefit to Canada.. o* J: d1 n8 \8 r) n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 J3 ]8 y6 v8 A" g. Lmade a number of significant commitments should they be allowed to Y$ @$ l' H/ r6 x2 ]3 r
acquire control of the MacKay and Dover oil sands projects.4 O$ s0 X$ h$ [% X. I# x7 X, s
Among other things, the Chinese concerns have agreed to capital& }) V7 I5 r' l3 p- [- Z
expenditures in excess of $250 million for developing the properties! Q( Q- C/ w9 ^6 D
over the next three years.
9 {9 r" t9 v, X2 m They have also pledged to increase employment levels in Canada as
6 f& b c+ `, V- v p$ E' Othey develop the projects over the next three years and to maintain- W$ k1 s% h% ?4 X- T( F% I
an Alberta head office for operating companies associated with the
$ b& q4 g t! j& P; B* Kprojects for the next five years.8 i% i S! s# L4 G
(The Canadian Press) |
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