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OTTAWA - Ottawa has given its blessing to the sale of properties- R/ z% T% L5 H3 {4 |' ^* H
owned by Athabasca Oil Sands Corp. to a Chinese company./ N: S9 J9 M" _
Federal Industry Minister Tony Clement says he has reviewed the
# a$ p( P9 d1 d. F5 Q4 ldeal between Athabasca and PetroChina International Investment Co.
( n- F) L+ v9 LLtd. and finds its is likely to be of net benefit to Canada.
+ ]7 n& w$ W& @) |7 _5 n, s Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 k. W: G1 V; r: Gmade a number of significant commitments should they be allowed to
" {$ j# [- d. n8 N9 s* iacquire control of the MacKay and Dover oil sands projects.* k) S! E* x2 y% L2 J3 j( b
Among other things, the Chinese concerns have agreed to capital1 c. `- M! F4 h- D6 y6 V2 d
expenditures in excess of $250 million for developing the properties' F5 i* l. A/ ^
over the next three years.
' q% q( `. q( w: C They have also pledged to increase employment levels in Canada as: l! ~, m4 Q- O) B5 P
they develop the projects over the next three years and to maintain# x$ N. Y) R* p g1 z8 O5 D
an Alberta head office for operating companies associated with the
" s5 ] N" B, \projects for the next five years.
1 M, X9 r' c8 q v (The Canadian Press) |
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