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OTTAWA - Ottawa has given its blessing to the sale of properties& H1 f. T: {- y/ c- b1 o: k1 b
owned by Athabasca Oil Sands Corp. to a Chinese company.
5 D+ h7 L6 }9 d0 ~0 y3 H3 {' W Federal Industry Minister Tony Clement says he has reviewed the8 K# c" E' D# Q$ Y1 y+ v5 }# e
deal between Athabasca and PetroChina International Investment Co.
8 {7 c+ B7 d( _; j, A% }Ltd. and finds its is likely to be of net benefit to Canada.
6 o+ y; X8 d, H1 d r Clement says PetroChina and its parent, PetroChina Co. Ltd., have: ~6 p/ {+ ]- q- i, O
made a number of significant commitments should they be allowed to
) V5 A! l& b- Z3 `( F, @0 U, K' j2 }( yacquire control of the MacKay and Dover oil sands projects.& ~* `& b0 G5 [4 e0 S$ Z; N
Among other things, the Chinese concerns have agreed to capital- B/ }; g( L5 ^+ C
expenditures in excess of $250 million for developing the properties& A. o" E: M# t
over the next three years.9 T5 e$ s: |& p0 Y. |
They have also pledged to increase employment levels in Canada as
) @0 w2 p5 r$ E; g/ fthey develop the projects over the next three years and to maintain w' G6 P5 F1 z
an Alberta head office for operating companies associated with the, E3 M, O1 ]9 j5 k0 w) G" S
projects for the next five years.
h9 a g. p2 C& o (The Canadian Press) |
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