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OTTAWA - Ottawa has given its blessing to the sale of properties! X8 Q! R- s t# _3 |( {
owned by Athabasca Oil Sands Corp. to a Chinese company.
& f* u7 B* _% u* v% }6 Y, E Federal Industry Minister Tony Clement says he has reviewed the8 s3 r8 J! T, d8 [# N
deal between Athabasca and PetroChina International Investment Co.* X- b7 S' h6 q v* Z8 ^, q
Ltd. and finds its is likely to be of net benefit to Canada.
0 g. C+ t3 }5 i) v q4 ~ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 a5 F" }/ Q! j) `% X% j8 \made a number of significant commitments should they be allowed to
( C. E6 f( H$ P; o$ v) zacquire control of the MacKay and Dover oil sands projects.
M _/ X- c9 n z5 s" R& R& R Among other things, the Chinese concerns have agreed to capital0 J3 E' f+ | O; q- `5 }( m
expenditures in excess of $250 million for developing the properties
; n3 L7 i" b+ qover the next three years.
Z8 r. ]( ?, R7 t1 o5 A7 s9 ?+ i7 D They have also pledged to increase employment levels in Canada as6 ?, t- J E( h+ u
they develop the projects over the next three years and to maintain
. l1 d5 p) S6 g* f$ b9 ]* n& ?an Alberta head office for operating companies associated with the
! p; W; {0 R& p. `% wprojects for the next five years.4 n' z" x( I `/ e- _: H; h
(The Canadian Press) |
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