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OTTAWA - Ottawa has given its blessing to the sale of properties
0 h% Y- e- z* G6 F, [7 h- H+ ?. Fowned by Athabasca Oil Sands Corp. to a Chinese company., g5 z# D3 i6 i$ I3 {' \) o/ W( S
Federal Industry Minister Tony Clement says he has reviewed the8 }/ {; \7 l8 X2 Q
deal between Athabasca and PetroChina International Investment Co.
. L& e% @8 v1 {7 _- zLtd. and finds its is likely to be of net benefit to Canada.
: C1 k/ n$ q6 [# \$ R9 s Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ h7 Z' D( L' O: x+ q. W6 q% f
made a number of significant commitments should they be allowed to0 ]! f3 B' W- [1 Z8 k5 u+ P
acquire control of the MacKay and Dover oil sands projects.$ b7 W, r. e% |
Among other things, the Chinese concerns have agreed to capital
: J* A4 z* \8 u% h0 p# n6 T$ V9 C# `% Cexpenditures in excess of $250 million for developing the properties0 L% l- E; K) b2 {
over the next three years.% z! u2 O$ z* |1 O3 p4 H
They have also pledged to increase employment levels in Canada as7 w9 j+ v j O
they develop the projects over the next three years and to maintain; _1 _/ Q1 C% L4 F1 n+ O- T
an Alberta head office for operating companies associated with the
' f% B, H- N) `/ y5 W: H9 E- `projects for the next five years.0 b1 @. Z' q5 ~9 Y. l
(The Canadian Press) |
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