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OTTAWA - Ottawa has given its blessing to the sale of properties+ Z9 K* y8 V4 T) T& X' h/ b+ D& M G
owned by Athabasca Oil Sands Corp. to a Chinese company.. r! S' f3 O% H7 Q) _
Federal Industry Minister Tony Clement says he has reviewed the
: C6 ]# p6 S X J3 d: P; N7 Qdeal between Athabasca and PetroChina International Investment Co.
0 [, q0 H* P* @7 }Ltd. and finds its is likely to be of net benefit to Canada.; y8 ]+ q% F, i' p; g+ X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# t; ]9 n$ {& M4 w
made a number of significant commitments should they be allowed to
" X4 A, ]' N9 c) tacquire control of the MacKay and Dover oil sands projects.9 m7 C+ K! J" j7 x0 f9 |: k3 F
Among other things, the Chinese concerns have agreed to capital
6 `# V5 i- D0 F% j oexpenditures in excess of $250 million for developing the properties
! c& v" t# o& H$ }1 D, C: H; fover the next three years.4 M# X5 @" s4 ]; ?& q& ^
They have also pledged to increase employment levels in Canada as
6 d7 u& _( G" A I* ]3 M1 O5 E2 p/ gthey develop the projects over the next three years and to maintain
Q/ k% o' q' J( ] E; R$ ban Alberta head office for operating companies associated with the
/ u6 Y( W- ^: Z$ M# E, x8 d/ rprojects for the next five years.3 Q% |5 p- F5 L# z" x& p
(The Canadian Press) |
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