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OTTAWA - Ottawa has given its blessing to the sale of properties. J: g5 i7 I+ v5 \; A; V5 E9 d3 }
owned by Athabasca Oil Sands Corp. to a Chinese company.) e' e6 `3 O) L
Federal Industry Minister Tony Clement says he has reviewed the
" S) i* }0 B7 S7 n {deal between Athabasca and PetroChina International Investment Co.
, ?. v8 |, q7 c2 ^Ltd. and finds its is likely to be of net benefit to Canada.
$ t$ A0 {% w# a Clement says PetroChina and its parent, PetroChina Co. Ltd., have# \5 Q% E- Y, m, ?
made a number of significant commitments should they be allowed to+ k. T: q! V1 m: l/ P# D
acquire control of the MacKay and Dover oil sands projects.
0 @ T- O% e( c Among other things, the Chinese concerns have agreed to capital
$ U# O/ m3 @0 m5 Y. V. ~expenditures in excess of $250 million for developing the properties
$ e* V) p* u% s: Qover the next three years.
1 D6 e6 m- O u They have also pledged to increase employment levels in Canada as# D1 M# H' j6 a N1 `4 Z$ U
they develop the projects over the next three years and to maintain! m' B% \5 Q$ `% T
an Alberta head office for operating companies associated with the
: @) L+ ~. H) i8 Lprojects for the next five years.. c6 I0 W! `& N5 t" Y
(The Canadian Press) |
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