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OTTAWA - Ottawa has given its blessing to the sale of properties1 Q( V" Q- |* P0 X* D3 S, r+ S5 O
owned by Athabasca Oil Sands Corp. to a Chinese company.
) s$ `# J9 S7 M+ u# u1 S Federal Industry Minister Tony Clement says he has reviewed the9 I* j% h, v; {; z! o7 ?5 z- p+ S
deal between Athabasca and PetroChina International Investment Co. b+ c8 E! R4 U* u( C2 I
Ltd. and finds its is likely to be of net benefit to Canada.
' s& m+ P. u0 o% r Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ u" n8 u" Y% f$ @5 T
made a number of significant commitments should they be allowed to0 Z4 A6 S- ]2 ?) ~0 ?" B3 f
acquire control of the MacKay and Dover oil sands projects.6 D. i' T6 z0 ^+ W% i# L, @8 }. g0 J
Among other things, the Chinese concerns have agreed to capital% S/ x* @4 I: e
expenditures in excess of $250 million for developing the properties
0 C6 @) |' N9 \; t ^over the next three years.5 o- }- K3 Q# O2 Y
They have also pledged to increase employment levels in Canada as
6 _) i& a2 h8 w9 sthey develop the projects over the next three years and to maintain9 U4 e: D6 F7 F' C
an Alberta head office for operating companies associated with the( U/ Z# j. t2 D( t! Y
projects for the next five years.
, ^1 m+ l+ r0 M (The Canadian Press) |
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