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OTTAWA - Ottawa has given its blessing to the sale of properties
7 L* z, y* R6 L; v3 {1 u1 Q7 {owned by Athabasca Oil Sands Corp. to a Chinese company.- d9 x2 E& M( v( E" d
Federal Industry Minister Tony Clement says he has reviewed the
9 ~6 k3 m8 I1 q Qdeal between Athabasca and PetroChina International Investment Co.7 g. ?; v* T- x7 J) p9 ^. I* Z
Ltd. and finds its is likely to be of net benefit to Canada.
9 U- z ~% b6 h- P j7 {& M Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* b# L4 O- _3 ~% fmade a number of significant commitments should they be allowed to
( t( ?8 c' M. K" Y7 O1 t% y0 k7 gacquire control of the MacKay and Dover oil sands projects.
3 r$ B5 f# M E, z# p Among other things, the Chinese concerns have agreed to capital, B6 m6 a- ^ v8 R
expenditures in excess of $250 million for developing the properties; Z$ }& y& j! I4 b2 ^) g
over the next three years.: s! Z; l/ H4 `: }7 a; Z" j K9 b
They have also pledged to increase employment levels in Canada as# j8 J+ ~5 a5 r( h* b; X4 Y+ f9 e8 R
they develop the projects over the next three years and to maintain/ O- F, P0 W& b+ v
an Alberta head office for operating companies associated with the
& j+ x: B% t: y: c9 r9 U. M) fprojects for the next five years.
0 r% j8 {0 E6 V8 U, g1 Q4 S (The Canadian Press) |
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