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OTTAWA - Ottawa has given its blessing to the sale of properties/ T0 `( Y3 _% l" Y$ Z0 b
owned by Athabasca Oil Sands Corp. to a Chinese company.
* n0 K/ r7 Q: r6 l, u Federal Industry Minister Tony Clement says he has reviewed the
: Q# n- C# Z7 j& O$ n& `( {, Z$ gdeal between Athabasca and PetroChina International Investment Co.
7 ^6 |: R/ W" x- rLtd. and finds its is likely to be of net benefit to Canada.' o7 Z, \) ?, k* x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 B0 v- G1 n4 k2 Ymade a number of significant commitments should they be allowed to
. B+ L V6 P; `acquire control of the MacKay and Dover oil sands projects.
, W. f/ m* S+ t( l Among other things, the Chinese concerns have agreed to capital
8 ?0 h' w. s$ N/ Zexpenditures in excess of $250 million for developing the properties( ]5 R L+ l$ q" }" u- g
over the next three years.9 L9 J. W- h9 q: ^- f& ^6 w
They have also pledged to increase employment levels in Canada as
# |( G5 H3 r& i1 Y' E* dthey develop the projects over the next three years and to maintain
9 L d Y; _1 z! R% B5 f" uan Alberta head office for operating companies associated with the
9 l+ Q! h; q, h; uprojects for the next five years.! u; g8 S' E$ W. ^
(The Canadian Press) |
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