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OTTAWA - Ottawa has given its blessing to the sale of properties% S5 r! ]- U) I" T) m" |
owned by Athabasca Oil Sands Corp. to a Chinese company.
, C4 }# l+ b# b D" } Federal Industry Minister Tony Clement says he has reviewed the! j, f% ^* W/ L( z" w i" Y
deal between Athabasca and PetroChina International Investment Co.- Q* K' p I9 W5 }+ G; j: ]0 j
Ltd. and finds its is likely to be of net benefit to Canada.
7 d6 w4 c" I6 \! Q: T. Q& m7 S Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. ~% d9 k4 j( ]6 e+ t9 @6 p6 fmade a number of significant commitments should they be allowed to* M6 ] I u" w$ u& a7 D+ i( P9 {
acquire control of the MacKay and Dover oil sands projects.3 Q6 J- q! A L$ n* ]; Q7 g
Among other things, the Chinese concerns have agreed to capital; |4 w0 T/ h4 v+ f" `% |+ o5 E) V. l
expenditures in excess of $250 million for developing the properties
" e7 ^/ d. _1 S6 `8 Tover the next three years.# A1 p5 M6 M- W- O9 N
They have also pledged to increase employment levels in Canada as
# p' J1 u' T+ c) E8 m; I1 Pthey develop the projects over the next three years and to maintain# w& u+ J" C5 d7 Q7 A0 | u9 i
an Alberta head office for operating companies associated with the3 y/ q. q; p! n; H; z- H
projects for the next five years.+ L$ R: ^: a! X
(The Canadian Press) |
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