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OTTAWA - Ottawa has given its blessing to the sale of properties# F4 g P/ f' \+ R6 h N, C- c& g
owned by Athabasca Oil Sands Corp. to a Chinese company.; L6 L& j! L, x
Federal Industry Minister Tony Clement says he has reviewed the
1 I) u) Z( o1 K) }& `; a" V% Jdeal between Athabasca and PetroChina International Investment Co.; T) B2 y0 N4 r" [- G/ d
Ltd. and finds its is likely to be of net benefit to Canada.
) N F+ P7 `6 G* M" R1 A+ W% [ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 T" _# ?: U; t0 K& F& {4 Imade a number of significant commitments should they be allowed to
& ?; J! g3 P' p3 t( P: C$ ]) T! sacquire control of the MacKay and Dover oil sands projects.
* K; f9 ~& \! g+ a( D2 X7 J, }$ n: q Among other things, the Chinese concerns have agreed to capital
% Z" E+ k" t* `+ i" bexpenditures in excess of $250 million for developing the properties
3 m3 {$ t3 v8 K+ Dover the next three years.& L+ p9 B, C* z. E. {
They have also pledged to increase employment levels in Canada as. D7 h" e* r c }, {; }
they develop the projects over the next three years and to maintain
) n6 i( E9 r* ]an Alberta head office for operating companies associated with the) q1 ^* J6 n/ q) {* e! V, Y
projects for the next five years.) K1 D0 m( K- X* T" R3 k# b3 n+ I* J* b
(The Canadian Press) |
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