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OTTAWA - Ottawa has given its blessing to the sale of properties: p( |3 S' D# A5 G( x
owned by Athabasca Oil Sands Corp. to a Chinese company.
! ^: D8 [" j* K1 Q$ C Federal Industry Minister Tony Clement says he has reviewed the
" D% w3 Y" V8 s( Zdeal between Athabasca and PetroChina International Investment Co.7 ^* C+ t+ x% S0 t0 k) {4 @
Ltd. and finds its is likely to be of net benefit to Canada.
# l( o. r" I( k6 O; F Clement says PetroChina and its parent, PetroChina Co. Ltd., have- A) i* G4 |5 K8 V5 {
made a number of significant commitments should they be allowed to$ n) h$ Y) X, L6 ~9 J
acquire control of the MacKay and Dover oil sands projects., [: C$ \3 h8 Y& \. H2 S
Among other things, the Chinese concerns have agreed to capital' }0 F% _/ Q; W( [) e& `
expenditures in excess of $250 million for developing the properties5 q, b3 l/ b7 Q9 l) I
over the next three years.
8 q* {2 S2 w$ x, l6 ~. o They have also pledged to increase employment levels in Canada as
4 [6 f, w. A- ~+ s7 a( H( Mthey develop the projects over the next three years and to maintain$ h! Z/ n e+ c( U" W
an Alberta head office for operating companies associated with the5 h! \& D- k/ g+ b% s
projects for the next five years.. x9 g2 T& `( S3 L: j/ s
(The Canadian Press) |
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