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OTTAWA - Ottawa has given its blessing to the sale of properties8 d1 i4 @# B3 j/ I q1 y; l. z) t q O
owned by Athabasca Oil Sands Corp. to a Chinese company.* ?* E. M. q5 O% U
Federal Industry Minister Tony Clement says he has reviewed the
, t2 v) a5 H! M# O8 o6 Ideal between Athabasca and PetroChina International Investment Co.
! {! k( G9 j: w9 p# xLtd. and finds its is likely to be of net benefit to Canada.: z; `5 [- I, n+ `- r- o4 v
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. ^# }: m# A/ R, F5 N
made a number of significant commitments should they be allowed to
5 p+ [8 k; e+ m, z" S+ w1 Nacquire control of the MacKay and Dover oil sands projects.! y7 k+ b0 X5 U/ X$ b# `
Among other things, the Chinese concerns have agreed to capital( P5 i2 @" d$ Z) f: S- ~
expenditures in excess of $250 million for developing the properties
# N8 ^8 S6 U5 W* I4 u S5 ?' qover the next three years.; n, h/ _7 c/ m( @7 F. R
They have also pledged to increase employment levels in Canada as; C, [* x$ I' n/ @# l7 J
they develop the projects over the next three years and to maintain4 x- H, A& o3 o; d3 A) B) a& A
an Alberta head office for operating companies associated with the
7 B% D- r4 W. u4 P- F4 Dprojects for the next five years., w& m- g/ B) j: U* `
(The Canadian Press) |
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