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OTTAWA - Ottawa has given its blessing to the sale of properties
7 u% }3 N8 h _; T4 [* L& s8 rowned by Athabasca Oil Sands Corp. to a Chinese company.
: k4 o! l% |$ A/ j/ O2 [. K0 o7 B; ? Federal Industry Minister Tony Clement says he has reviewed the" X$ B; f) ]' M8 ^0 M ?
deal between Athabasca and PetroChina International Investment Co., V \) G" {6 ^- e# P
Ltd. and finds its is likely to be of net benefit to Canada.
$ x3 N8 X! F- O# [7 k Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ [* U; Q2 G) O- |5 A5 kmade a number of significant commitments should they be allowed to
- N; S* Z, Z' b; k9 i2 Tacquire control of the MacKay and Dover oil sands projects.; P7 \# _8 ~+ t% h7 U% N3 r
Among other things, the Chinese concerns have agreed to capital
. j( @0 j5 X' ~& E2 m, t) `" kexpenditures in excess of $250 million for developing the properties8 G& X0 F- {/ h$ d O' u& G
over the next three years.! [7 ?8 R1 a% T5 ^% w9 R" j
They have also pledged to increase employment levels in Canada as0 N, e6 J5 k0 V# |$ E( \
they develop the projects over the next three years and to maintain+ x- D4 @6 s3 G5 ?
an Alberta head office for operating companies associated with the8 T) {, z% W- S) J! H" a1 N
projects for the next five years.4 ~7 p4 Y' g0 b: L+ m
(The Canadian Press) |
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