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OTTAWA - Ottawa has given its blessing to the sale of properties
/ d2 U( N! Z' _" x# _owned by Athabasca Oil Sands Corp. to a Chinese company.# W- R5 a6 W0 m7 o
Federal Industry Minister Tony Clement says he has reviewed the
4 Y7 w3 p9 w; R7 z& r/ Ldeal between Athabasca and PetroChina International Investment Co.
/ Q0 ~' h( j7 Z+ l# \1 R5 n- p/ oLtd. and finds its is likely to be of net benefit to Canada.
- @% z' F, ]( }" J3 t/ ^! o: U Clement says PetroChina and its parent, PetroChina Co. Ltd., have( a/ n R+ K# \& G0 k
made a number of significant commitments should they be allowed to
$ Z0 w3 x5 O+ ` B( G) B# s; Lacquire control of the MacKay and Dover oil sands projects.
2 b+ w5 M- [, \: F% {" [; Q5 _! h Among other things, the Chinese concerns have agreed to capital
! e5 R, Y/ R2 b3 E7 s' J; Aexpenditures in excess of $250 million for developing the properties
! `6 B! B5 @- d: O; eover the next three years.
2 c# ~1 S2 j5 S0 M- e# }( m They have also pledged to increase employment levels in Canada as
1 \/ S7 E* `- Z, c7 Wthey develop the projects over the next three years and to maintain" N: x) m6 y! o1 n0 s$ k
an Alberta head office for operating companies associated with the
# z* V( r. V2 A2 jprojects for the next five years.
7 g( ^5 t @4 F x: Y6 f (The Canadian Press) |
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