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OTTAWA - Ottawa has given its blessing to the sale of properties; k! N5 k( U/ a, n1 N3 N1 Y
owned by Athabasca Oil Sands Corp. to a Chinese company.
3 g$ O, G. r$ N2 @; g/ k' ]9 [' b4 B1 j- B Federal Industry Minister Tony Clement says he has reviewed the
! h( J. U/ C# V) K2 V0 o5 Kdeal between Athabasca and PetroChina International Investment Co.
# j" _8 k. }2 _0 x" i' ^6 k( mLtd. and finds its is likely to be of net benefit to Canada.9 `' W' n( P# x$ u. c! c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
' z; V3 r# }& d: O: j9 Ymade a number of significant commitments should they be allowed to" Y( n: C, k5 Z. }0 ~' b- v
acquire control of the MacKay and Dover oil sands projects.
* i) ?2 V2 H& u Among other things, the Chinese concerns have agreed to capital$ [( b% }% b+ C j5 Z9 B1 x
expenditures in excess of $250 million for developing the properties9 \/ T' B0 G2 f$ _- ~, l( W
over the next three years.. |! G! t( a& G! m* V. W* C9 G) i
They have also pledged to increase employment levels in Canada as
, y" x# J! K$ O# ]2 nthey develop the projects over the next three years and to maintain! t! u" f% y, m
an Alberta head office for operating companies associated with the
, S! C* J' |& d; gprojects for the next five years.
/ {& a0 p' v5 F# p& e: N' o (The Canadian Press) |
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