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OTTAWA - Ottawa has given its blessing to the sale of properties V* J3 Z3 a9 ^* w3 Q& r* ?
owned by Athabasca Oil Sands Corp. to a Chinese company.
- n, ]: b3 C" L Federal Industry Minister Tony Clement says he has reviewed the
# q' n! m6 u! {$ N0 [deal between Athabasca and PetroChina International Investment Co.
2 w' y7 F0 m; o* B1 }Ltd. and finds its is likely to be of net benefit to Canada.
( I4 V3 k) E* X% _! D& ]# w Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ U; S7 p4 w! T6 Y
made a number of significant commitments should they be allowed to
: r2 d" U! o0 t& P" P; m1 kacquire control of the MacKay and Dover oil sands projects.4 O: s: e& I0 Y4 D2 Y8 I" ^) v
Among other things, the Chinese concerns have agreed to capital
; |& J. V; J, f K; [expenditures in excess of $250 million for developing the properties" J) c# \/ t; a$ M2 K- S
over the next three years.
& @( R" k6 n/ a* F% y/ P3 U They have also pledged to increase employment levels in Canada as
8 z2 \9 U8 }5 Z ?7 H( Uthey develop the projects over the next three years and to maintain
# u5 V% h5 e7 Z$ }" kan Alberta head office for operating companies associated with the: T, Z9 h# k# s+ _" F- V' X
projects for the next five years.
! f$ K& y' |1 U+ B2 K; b) A) @2 L; F (The Canadian Press) |
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