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OTTAWA - Ottawa has given its blessing to the sale of properties
- ?$ B1 {+ {; N* l- B( p. r% w8 Aowned by Athabasca Oil Sands Corp. to a Chinese company.. Z+ e0 P; a+ s/ m. v- w
Federal Industry Minister Tony Clement says he has reviewed the/ }9 x3 |+ M4 z2 r$ ^6 a: y
deal between Athabasca and PetroChina International Investment Co.) Y$ T# I. l; ~
Ltd. and finds its is likely to be of net benefit to Canada.! p8 V2 l, d& \
Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 \. T) f( @/ i( S0 Z2 k
made a number of significant commitments should they be allowed to
% c+ c# @" R9 N$ K& J+ {8 Q, z6 d8 Aacquire control of the MacKay and Dover oil sands projects.
; f1 q. T8 h& p0 {# f) { Among other things, the Chinese concerns have agreed to capital
4 u; B+ k% Y4 s3 F( R5 Uexpenditures in excess of $250 million for developing the properties
?+ M' l' L) S1 h! pover the next three years.; m I% g# \7 v
They have also pledged to increase employment levels in Canada as
; g8 C y# j! }9 Y8 b7 lthey develop the projects over the next three years and to maintain1 i' N3 O% P; k3 B
an Alberta head office for operating companies associated with the, H1 w, m, v" I3 j! X
projects for the next five years.1 _: i/ v, x' X1 ^5 V$ R _
(The Canadian Press) |
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