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OTTAWA - Ottawa has given its blessing to the sale of properties
; e9 y% k# `7 oowned by Athabasca Oil Sands Corp. to a Chinese company.7 ]8 V3 ?! G$ A# g* N, U
Federal Industry Minister Tony Clement says he has reviewed the
6 }$ K4 A% f: R$ @- C: pdeal between Athabasca and PetroChina International Investment Co.
, u( ]" I& Z$ w+ I% DLtd. and finds its is likely to be of net benefit to Canada.
) \! ~, a, b) l) Q- W \9 M Clement says PetroChina and its parent, PetroChina Co. Ltd., have Q( J9 K$ e& z/ V0 j
made a number of significant commitments should they be allowed to3 p3 {) x& P z8 U4 T- `, \
acquire control of the MacKay and Dover oil sands projects." S0 c/ H& k; u& Z
Among other things, the Chinese concerns have agreed to capital
0 L$ r9 I& C W; Yexpenditures in excess of $250 million for developing the properties
9 T! ^/ _9 u; h) g1 k1 \over the next three years.
8 B, `% w) d+ B! v They have also pledged to increase employment levels in Canada as3 O! t0 X/ j& A2 y3 N- L
they develop the projects over the next three years and to maintain
! J# B) \( K$ A( Q& Han Alberta head office for operating companies associated with the7 I$ @ ^; \$ Y2 x' C1 q1 U7 b9 k6 t0 [
projects for the next five years., n* S3 s5 ~, L
(The Canadian Press) |
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