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OTTAWA - Ottawa has given its blessing to the sale of properties
; H7 ~2 q1 E0 N! G+ s! b. Z- Lowned by Athabasca Oil Sands Corp. to a Chinese company.! b, c5 ]7 U7 K
Federal Industry Minister Tony Clement says he has reviewed the2 i( S6 [" ?+ P& h% l
deal between Athabasca and PetroChina International Investment Co.0 Q6 c5 ^2 h2 Z$ G& C
Ltd. and finds its is likely to be of net benefit to Canada.
( W' d- F; U3 `0 } R$ } Clement says PetroChina and its parent, PetroChina Co. Ltd., have! p; A+ \! x; k+ @/ W
made a number of significant commitments should they be allowed to
/ _1 B/ o) Q2 @$ A N! ^+ S) ~: ~acquire control of the MacKay and Dover oil sands projects.
) J. z+ W/ J6 A1 q5 ` Among other things, the Chinese concerns have agreed to capital2 T" ~- C* ]* u7 Z# ^' Y2 A) N, @
expenditures in excess of $250 million for developing the properties" p- K& Y" ^, H& @
over the next three years.
$ `4 r/ U+ m9 e# E9 Q7 D They have also pledged to increase employment levels in Canada as
3 o% L& [7 s6 v3 n# D" [they develop the projects over the next three years and to maintain
" `9 u- e/ F' }1 H+ c6 k7 }# ], Pan Alberta head office for operating companies associated with the
7 c" P# w) H" k& P2 [; \, ^projects for the next five years.
% ?9 a4 n& H7 F6 u3 E. d (The Canadian Press) |
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