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OTTAWA - Ottawa has given its blessing to the sale of properties: v3 J% L& T O+ w% ?8 y$ {
owned by Athabasca Oil Sands Corp. to a Chinese company.
. V# L+ t! F" }9 h7 L) z Federal Industry Minister Tony Clement says he has reviewed the; J$ W$ W5 A8 b$ d6 Q5 [4 A
deal between Athabasca and PetroChina International Investment Co.4 W: `3 q9 N* _/ {9 ^2 ^
Ltd. and finds its is likely to be of net benefit to Canada.5 {4 v6 L9 x) \, ?& e& T4 O8 m$ ?7 s
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* i+ `9 C1 l3 ^" j, B# [
made a number of significant commitments should they be allowed to2 I5 S( ~; m( Q1 m
acquire control of the MacKay and Dover oil sands projects.. e5 b& V2 Q; c$ Z3 m$ Z
Among other things, the Chinese concerns have agreed to capital& q6 ~4 X7 J& u, x' k0 M8 k/ x* e
expenditures in excess of $250 million for developing the properties
1 q @# i0 M) S' o: r; Lover the next three years.2 A% I: u1 C- p8 `" G! x+ }, z
They have also pledged to increase employment levels in Canada as' Y* Z: F- m8 U% k( F& M- @
they develop the projects over the next three years and to maintain
- r1 h/ {" ~/ C( a1 }* U! K( Xan Alberta head office for operating companies associated with the
+ E' g" F2 w+ Q) {projects for the next five years.6 c- S1 ?/ v; p& C+ k9 J' N2 y
(The Canadian Press) |
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