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OTTAWA - Ottawa has given its blessing to the sale of properties# ~2 x$ ?1 O; r7 G) H7 D
owned by Athabasca Oil Sands Corp. to a Chinese company.4 e. @8 A+ i! R2 K
Federal Industry Minister Tony Clement says he has reviewed the
" \8 ^0 Z5 P) p* c' Fdeal between Athabasca and PetroChina International Investment Co.
5 d) E0 r6 G+ b0 sLtd. and finds its is likely to be of net benefit to Canada.
8 ~( a7 s2 Q% D; a# q+ ~9 E7 O Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 |6 m0 j* R( L% \ {
made a number of significant commitments should they be allowed to* R+ t5 L3 @0 d7 K* q9 R
acquire control of the MacKay and Dover oil sands projects.0 Y' r0 S% C' G
Among other things, the Chinese concerns have agreed to capital
$ b! Y+ t% l1 Nexpenditures in excess of $250 million for developing the properties
* R" Z4 K8 x4 [) Q2 v) r; O. Nover the next three years.2 s2 }/ ^* Q$ i U, ]9 m1 \
They have also pledged to increase employment levels in Canada as
) F3 o, m6 @1 q \$ v$ lthey develop the projects over the next three years and to maintain% x. Q* r3 w( y- f! n4 f V; t% I
an Alberta head office for operating companies associated with the
) C+ U4 K" w8 d/ c6 Q) s" g, Bprojects for the next five years.: ~( n) p& i& e5 n) m
(The Canadian Press) |
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