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OTTAWA - Ottawa has given its blessing to the sale of properties! w: L% y% E# w J) ]
owned by Athabasca Oil Sands Corp. to a Chinese company.1 f! Z2 H& e3 }6 Q5 B' m0 p- q$ \
Federal Industry Minister Tony Clement says he has reviewed the
* B) o" l2 d5 ]2 J! [% S9 U6 a! gdeal between Athabasca and PetroChina International Investment Co. ^- y3 Q$ E" [( h3 g5 r8 d
Ltd. and finds its is likely to be of net benefit to Canada.
7 C, r; u) J4 }. b Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 {! }1 v* l# o1 A. j+ F
made a number of significant commitments should they be allowed to
4 Y' R2 l8 s; qacquire control of the MacKay and Dover oil sands projects.* l) c( Y1 Z, {' E/ z5 u
Among other things, the Chinese concerns have agreed to capital$ |* _, `$ u" v
expenditures in excess of $250 million for developing the properties
# H# i! a2 S" A9 c# P2 i3 g# q+ mover the next three years.
0 Q& K4 N* D9 I They have also pledged to increase employment levels in Canada as' v. ^( @! A# V2 I
they develop the projects over the next three years and to maintain6 `: }: b% ?0 y r' G
an Alberta head office for operating companies associated with the
) k7 W! V9 K& \) Tprojects for the next five years.
5 B8 p, P4 V- L# x) Z; g (The Canadian Press) |
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