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OTTAWA - Ottawa has given its blessing to the sale of properties- Y' {8 h+ R0 W5 ^% T+ Y
owned by Athabasca Oil Sands Corp. to a Chinese company.! L4 f$ L; x& U" [$ X( x
Federal Industry Minister Tony Clement says he has reviewed the, V) y$ t% k' A/ [" V8 {( [
deal between Athabasca and PetroChina International Investment Co." b; ^% F. X/ x7 @& P. t
Ltd. and finds its is likely to be of net benefit to Canada.# V; O3 P" s# t# L/ S) n ~
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 r5 b2 ^ Q4 s1 tmade a number of significant commitments should they be allowed to
* M" k. P( d. u% o8 j& vacquire control of the MacKay and Dover oil sands projects.
7 X( ]. }7 h& @" C) I Among other things, the Chinese concerns have agreed to capital7 J, d: w% R, t
expenditures in excess of $250 million for developing the properties
' T5 Q( `/ f' M) w( v" z% _/ H# K2 wover the next three years.' U1 P8 ^ [& J
They have also pledged to increase employment levels in Canada as+ X6 r( p2 O+ o& n1 k
they develop the projects over the next three years and to maintain
0 O4 R) t0 }. q9 F9 y, oan Alberta head office for operating companies associated with the
0 i5 N p# s% n$ Rprojects for the next five years.- d" n$ @" m8 r! Y( U
(The Canadian Press) |
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