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OTTAWA - Ottawa has given its blessing to the sale of properties
0 d! }8 g+ |) C" o0 O( ~owned by Athabasca Oil Sands Corp. to a Chinese company.
! p! F* C& m3 N7 }& W* z Federal Industry Minister Tony Clement says he has reviewed the* p5 L* v3 q! y, ]' G# R
deal between Athabasca and PetroChina International Investment Co.
% N6 U( G; p4 g( q! vLtd. and finds its is likely to be of net benefit to Canada.- M4 w5 X H* I9 |
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 M2 x- v4 T4 H0 m8 O0 l# x Bmade a number of significant commitments should they be allowed to
3 ` Q/ ]# w$ v$ S6 [+ F' e: qacquire control of the MacKay and Dover oil sands projects.
/ y; @" O' r+ S Among other things, the Chinese concerns have agreed to capital( A" ~( [ j4 K, c4 C+ ?
expenditures in excess of $250 million for developing the properties
9 ^ ?& y) X: F# y( Nover the next three years.
* U* n7 c V; z; j5 ?& w They have also pledged to increase employment levels in Canada as% ?! ]9 h; q) |9 ~, m& P3 o5 R
they develop the projects over the next three years and to maintain+ d( O% q9 L% i, y$ a7 q( j6 E
an Alberta head office for operating companies associated with the/ h! j) ^% F( h' r( Q$ l
projects for the next five years.
: D$ y; H( h' w$ e, g; @ (The Canadian Press) |
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