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OTTAWA - Ottawa has given its blessing to the sale of properties
$ U& i) C: d0 G- `" cowned by Athabasca Oil Sands Corp. to a Chinese company.
% A; Q% l* V6 K1 ^) ? Federal Industry Minister Tony Clement says he has reviewed the+ ~$ n& o" {; v( r9 I, H& D7 O
deal between Athabasca and PetroChina International Investment Co.5 ?) l$ ^. q2 m% K1 B1 J6 `# {
Ltd. and finds its is likely to be of net benefit to Canada.
8 n* u4 n8 a, \# t" {5 j, @ Clement says PetroChina and its parent, PetroChina Co. Ltd., have- C% u, E. p0 K4 Q5 u9 z/ r
made a number of significant commitments should they be allowed to
4 G- G& d6 r: \' ]/ r Qacquire control of the MacKay and Dover oil sands projects.
: h, H" i/ l& A" ` Among other things, the Chinese concerns have agreed to capital
: Y n0 s, X+ N( Y7 G% J& E8 h* p: f- qexpenditures in excess of $250 million for developing the properties# P0 n1 C; d' i- A/ J% z5 J
over the next three years.$ B8 G8 L. }% e+ u6 D' ]3 E
They have also pledged to increase employment levels in Canada as
- @+ k) R+ V% R& e. E% othey develop the projects over the next three years and to maintain7 J+ H) X/ ~8 e% m1 i
an Alberta head office for operating companies associated with the! g: g( Z% M% ~/ m; M Y: @# ?
projects for the next five years.
9 `+ g" ?2 O1 p" G3 X& n (The Canadian Press) |
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