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OTTAWA - Ottawa has given its blessing to the sale of properties
4 |6 j- i; i) z( q' cowned by Athabasca Oil Sands Corp. to a Chinese company.
% M5 ?- t% ^( P0 z) j; N Federal Industry Minister Tony Clement says he has reviewed the: @" g- M# i9 u- K2 I( D
deal between Athabasca and PetroChina International Investment Co.9 Z% o( g* b ^* l8 ]1 ^$ P
Ltd. and finds its is likely to be of net benefit to Canada.
4 }3 R+ W5 J7 s) q" u Clement says PetroChina and its parent, PetroChina Co. Ltd., have- }, o* C# t- R- B
made a number of significant commitments should they be allowed to' H6 @' W. J& i, s2 o
acquire control of the MacKay and Dover oil sands projects.
- R# L5 k. Z. H% t: ^/ j Among other things, the Chinese concerns have agreed to capital
8 [" m0 C; u# [! zexpenditures in excess of $250 million for developing the properties; j! U1 {6 O( @% [8 R1 P) }7 [0 Z
over the next three years., J7 n/ z) T* l$ I
They have also pledged to increase employment levels in Canada as, V% `8 d" {: [3 S1 M7 K
they develop the projects over the next three years and to maintain
6 p* u7 X6 P8 U8 h6 v/ N& @2 v$ ~an Alberta head office for operating companies associated with the7 v" y9 i3 U7 V
projects for the next five years.
|2 M6 C3 p9 z8 U2 P4 u1 E p (The Canadian Press) |
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