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OTTAWA - Ottawa has given its blessing to the sale of properties8 {3 ]: a7 I- m# s
owned by Athabasca Oil Sands Corp. to a Chinese company.
3 d1 V. E A1 `9 @+ Z' W Federal Industry Minister Tony Clement says he has reviewed the
! r7 D0 G9 i( z6 \4 {deal between Athabasca and PetroChina International Investment Co.
5 p4 f& z. E9 D/ F7 T( GLtd. and finds its is likely to be of net benefit to Canada.
% W# K1 q6 i, ^0 H2 u }0 U# g Clement says PetroChina and its parent, PetroChina Co. Ltd., have
H& r# n( w' E! R8 s- emade a number of significant commitments should they be allowed to
& m. C; F% G- s! H$ r6 P, q7 Nacquire control of the MacKay and Dover oil sands projects.- J. w% E$ ~, l n6 c- x
Among other things, the Chinese concerns have agreed to capital" P4 V) z) v! P9 `/ }' L/ s; q6 ` f# Y
expenditures in excess of $250 million for developing the properties# u- q; v( r$ u, c6 Z# b/ T' m$ Y
over the next three years./ j9 Y5 ~* C2 I! [) Z; J
They have also pledged to increase employment levels in Canada as% p/ ?% M7 C# M6 }
they develop the projects over the next three years and to maintain( u- f( n0 ^$ l: B' @' ]1 f
an Alberta head office for operating companies associated with the$ T3 G; ^/ J" Y$ L" V
projects for the next five years.( M0 w/ E) E9 J5 t1 {
(The Canadian Press) |
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