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OTTAWA - Ottawa has given its blessing to the sale of properties
5 l. Q, f7 J* p* q8 l, k" Vowned by Athabasca Oil Sands Corp. to a Chinese company.- o3 U9 w. r8 U9 ^$ n
Federal Industry Minister Tony Clement says he has reviewed the Y" e- E! o8 s7 x6 H- ?& ~
deal between Athabasca and PetroChina International Investment Co.; u0 A7 N/ D+ o+ I
Ltd. and finds its is likely to be of net benefit to Canada.
; G$ b4 z" H: y8 z$ \$ C# S4 a Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( y$ g0 K1 D4 r1 |+ \; Wmade a number of significant commitments should they be allowed to
0 ~) q& f% I$ `+ s' eacquire control of the MacKay and Dover oil sands projects.5 p/ ]$ w7 T: G) [
Among other things, the Chinese concerns have agreed to capital2 M [1 i- Q# c# O4 U
expenditures in excess of $250 million for developing the properties
! Q* G" C4 j c- X6 O" yover the next three years.
F4 k+ ], v9 B& D" I2 h) o They have also pledged to increase employment levels in Canada as
& q2 t m. P6 c) Q8 Hthey develop the projects over the next three years and to maintain0 H: m1 Z8 n z6 c" M# Y4 N b: B
an Alberta head office for operating companies associated with the
0 z4 }, a1 t7 a" Fprojects for the next five years.
8 F/ t+ g9 u5 c8 c8 G, F* _" u; g (The Canadian Press) |
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