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OTTAWA - Ottawa has given its blessing to the sale of properties$ r3 V. V U/ n: b* b$ `& h$ p' ~# O5 Z
owned by Athabasca Oil Sands Corp. to a Chinese company.' w# E6 ^, l9 r$ H
Federal Industry Minister Tony Clement says he has reviewed the
5 Z# p% X- k- C. F: U% udeal between Athabasca and PetroChina International Investment Co.0 w5 q9 X e5 d# d' V
Ltd. and finds its is likely to be of net benefit to Canada.0 L7 ~% ^% l b& L+ h C
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 O$ C* H, e0 X# }; x+ ]6 H6 l$ tmade a number of significant commitments should they be allowed to
/ }1 T! R" G& D7 Y) ]3 z# Yacquire control of the MacKay and Dover oil sands projects.
- S6 U3 {) i2 c @) N3 w6 R7 E Among other things, the Chinese concerns have agreed to capital$ ]- i4 f- B# \* I* I! N0 U
expenditures in excess of $250 million for developing the properties
1 p5 v4 i! D# ^; [. {over the next three years.
1 k: }$ I# ]2 C. ?9 N They have also pledged to increase employment levels in Canada as* }9 c# {, b2 c; x6 ~7 @8 T
they develop the projects over the next three years and to maintain& v0 n8 o; p: m
an Alberta head office for operating companies associated with the
- q& Q* M7 @/ n1 u" Sprojects for the next five years.
4 c( }4 }; k# W5 y; F (The Canadian Press) |
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