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OTTAWA - Ottawa has given its blessing to the sale of properties+ K' t7 r" n- Z# X! d
owned by Athabasca Oil Sands Corp. to a Chinese company.5 ?0 }; M0 k& ^ S# {
Federal Industry Minister Tony Clement says he has reviewed the
! z1 i3 R: t3 u) N% F# x, Hdeal between Athabasca and PetroChina International Investment Co.! T; }; W5 v8 x) [& Q
Ltd. and finds its is likely to be of net benefit to Canada.! U3 j7 @, k" Z2 L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 f0 h1 f* b9 ymade a number of significant commitments should they be allowed to9 l1 `3 l; H( Y7 Z
acquire control of the MacKay and Dover oil sands projects.+ p" H+ Y' a) X
Among other things, the Chinese concerns have agreed to capital5 H1 n# q' O# I8 [3 y9 d
expenditures in excess of $250 million for developing the properties
4 E; f; n! N5 Y" Z8 vover the next three years.- V0 p, e& c$ X' _4 R( ]: \
They have also pledged to increase employment levels in Canada as
$ Z( @2 Z" w2 o9 \ g5 ?they develop the projects over the next three years and to maintain
2 j; K5 u# ^9 i9 Z2 F* A3 P9 g8 nan Alberta head office for operating companies associated with the3 n4 B+ U8 z" k# y
projects for the next five years.8 L' N6 B$ X( ]" b2 e' Q1 R* t2 G! U
(The Canadian Press) |
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