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OTTAWA - Ottawa has given its blessing to the sale of properties
" k# u l) _- l# ^+ w& bowned by Athabasca Oil Sands Corp. to a Chinese company.
; L) y2 }: q' D Federal Industry Minister Tony Clement says he has reviewed the
+ o+ t% s5 }" L0 Ideal between Athabasca and PetroChina International Investment Co.! r# }+ _# H5 h2 F! O$ y- K- I
Ltd. and finds its is likely to be of net benefit to Canada.& x1 C2 a/ |7 `, f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have- C; o8 F3 c8 i5 Q# R6 ]
made a number of significant commitments should they be allowed to
# G$ h# N' o8 v5 K: i qacquire control of the MacKay and Dover oil sands projects.
+ i x' e' D, q# J) x4 g$ Q Among other things, the Chinese concerns have agreed to capital! S6 z7 V) t B T! w2 N! U
expenditures in excess of $250 million for developing the properties( u$ S3 T: s! O$ J# g' H' u% A
over the next three years.2 b+ _. K# _* p% A
They have also pledged to increase employment levels in Canada as
6 P$ j- D# l9 T+ E/ j* ]they develop the projects over the next three years and to maintain3 N: {& t( L9 @) O/ ?( G4 Q4 ~
an Alberta head office for operating companies associated with the
1 O* U8 L# Z5 V2 Nprojects for the next five years., d& J5 q- d7 v# p0 ]
(The Canadian Press) |
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