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OTTAWA - Ottawa has given its blessing to the sale of properties
/ l! x) k4 ?) L& ]( ?1 fowned by Athabasca Oil Sands Corp. to a Chinese company.* p* ]( X: Q4 F1 @" r4 O) ]. M* w
Federal Industry Minister Tony Clement says he has reviewed the* t& g, b0 V' s" `) T! n
deal between Athabasca and PetroChina International Investment Co.9 `# l, B) I3 g
Ltd. and finds its is likely to be of net benefit to Canada.& h9 x% b* b3 ]% H; t: j
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 X5 T8 l+ e3 e# Q, X5 B+ A# }, s& Pmade a number of significant commitments should they be allowed to. X9 m7 E4 x: P# k6 w/ _
acquire control of the MacKay and Dover oil sands projects.
, X* x4 B& t" p4 P2 H Among other things, the Chinese concerns have agreed to capital
+ A# @8 d8 k3 J. @9 Cexpenditures in excess of $250 million for developing the properties
& ~8 a" h8 G) n8 Q& I9 hover the next three years.
* [# S" P7 t$ B. v% A( B- }) Z# ^ They have also pledged to increase employment levels in Canada as
/ ]9 }0 f8 H3 r2 i& S: O6 Fthey develop the projects over the next three years and to maintain4 R" i! l# J; s4 L$ @& f
an Alberta head office for operating companies associated with the7 Z( S* V, J% L, R
projects for the next five years.
6 u4 z4 g# G( D( m: d- a! q (The Canadian Press) |
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