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OTTAWA - Ottawa has given its blessing to the sale of properties i+ j% G( Y$ O3 e
owned by Athabasca Oil Sands Corp. to a Chinese company.
* |4 j8 V- p( ]6 J3 g( M Federal Industry Minister Tony Clement says he has reviewed the+ V( Y9 ^& B2 a) k F" a8 n! C- {
deal between Athabasca and PetroChina International Investment Co.2 f! Y4 W! S* u! _, q
Ltd. and finds its is likely to be of net benefit to Canada.& j, j. u1 e0 G: S6 P9 M/ c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; Q$ Y9 c! E7 N# h1 zmade a number of significant commitments should they be allowed to, T8 O6 i; h! C+ g% R& [; i0 l% r
acquire control of the MacKay and Dover oil sands projects.5 Z2 G; V7 a! g" w6 @( I2 `. _
Among other things, the Chinese concerns have agreed to capital
W( [1 B5 }4 W! z# M: `$ Qexpenditures in excess of $250 million for developing the properties0 G% V$ a- p8 ?: L/ Q4 b3 d( [+ y# n
over the next three years.
" o4 c* a3 @" S7 v: S. H5 i They have also pledged to increase employment levels in Canada as `( e& Z# G) r6 j4 S
they develop the projects over the next three years and to maintain5 g2 Q5 L) X) ]% _6 d5 e
an Alberta head office for operating companies associated with the
! K' l$ V# S% C Z3 h$ eprojects for the next five years.
7 y) K, _- V6 v) r# { (The Canadian Press) |
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