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OTTAWA - Ottawa has given its blessing to the sale of properties
7 m( F W1 h6 m3 x! d- Fowned by Athabasca Oil Sands Corp. to a Chinese company." Y# A; f m T- K4 m+ G
Federal Industry Minister Tony Clement says he has reviewed the8 l3 a; G7 _4 x0 ^# r8 D
deal between Athabasca and PetroChina International Investment Co.
$ S$ o7 C. l- c* s6 p& `. W2 BLtd. and finds its is likely to be of net benefit to Canada.2 B- t8 _0 Q0 t2 T
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 J9 n) ^! g' H9 f: `5 K( gmade a number of significant commitments should they be allowed to$ Y- H6 Q: k7 y1 ^# J& x9 j
acquire control of the MacKay and Dover oil sands projects.
' d; g! c$ X1 J1 n1 y! c0 L/ O' r, ^ Among other things, the Chinese concerns have agreed to capital
6 _, h8 S+ H5 O8 s6 r$ C8 u* Gexpenditures in excess of $250 million for developing the properties
- i4 S( k! `' f; G: l" @over the next three years.& X2 Q7 D5 u* `$ {, ^/ ?, ^6 C( a; o7 y
They have also pledged to increase employment levels in Canada as
8 E: s6 R+ Q- x j4 p, Sthey develop the projects over the next three years and to maintain
! u+ ~5 {$ j5 c- van Alberta head office for operating companies associated with the
+ T/ i' K9 m3 {. L1 tprojects for the next five years.
% Y* h- L3 w l' y (The Canadian Press) |
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