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OTTAWA - Ottawa has given its blessing to the sale of properties9 ^' Y, ^! v3 c
owned by Athabasca Oil Sands Corp. to a Chinese company. j$ o$ M$ A, I7 c. p
Federal Industry Minister Tony Clement says he has reviewed the; W+ N3 Y, _6 Z! a( c% Y0 \4 G
deal between Athabasca and PetroChina International Investment Co.
4 m* ?& D7 i0 `Ltd. and finds its is likely to be of net benefit to Canada., Z1 z' D- X# y, r' ^$ X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have Y# F; H; y# U& R: U
made a number of significant commitments should they be allowed to
0 N# G" s& T$ [2 p) |& G6 ?( }acquire control of the MacKay and Dover oil sands projects.
! e! H) t$ q/ v! u: O W6 r4 a Among other things, the Chinese concerns have agreed to capital6 ~1 y6 b5 |2 o9 m
expenditures in excess of $250 million for developing the properties
3 I8 y- t3 Y, \ m& wover the next three years.
8 n) E8 U- U6 n6 \ They have also pledged to increase employment levels in Canada as
3 A l0 m3 O9 f$ _1 f* b( A: t% ]they develop the projects over the next three years and to maintain5 Q6 ~+ [- D2 V6 W- g6 O3 W
an Alberta head office for operating companies associated with the
) O0 F7 W6 k0 u8 g9 A3 ?5 R( ]% Eprojects for the next five years.$ o0 M F' v$ j1 C' g) Z, ?
(The Canadian Press) |
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