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OTTAWA - Ottawa has given its blessing to the sale of properties
8 M9 |. H+ E) ?5 f* {9 vowned by Athabasca Oil Sands Corp. to a Chinese company.
+ J3 j' T8 z4 q6 U j Federal Industry Minister Tony Clement says he has reviewed the
% y4 C3 ?0 a6 C+ I, udeal between Athabasca and PetroChina International Investment Co.5 o/ g) Z& w- e! d
Ltd. and finds its is likely to be of net benefit to Canada.' V& S" ~5 N! t/ N, E
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 U. {; w: [( R" R! P( i( \made a number of significant commitments should they be allowed to
& D4 b9 i- K3 I8 \) P+ |" l/ _$ b, F8 {acquire control of the MacKay and Dover oil sands projects.% Y, H; u9 X7 Y7 W9 N
Among other things, the Chinese concerns have agreed to capital
3 W3 T; K! ]# }) dexpenditures in excess of $250 million for developing the properties9 u0 W+ t) q7 L. n1 G
over the next three years.4 R2 x; ~3 y! b+ N6 N! }
They have also pledged to increase employment levels in Canada as: O% R8 o- k7 Y P9 @
they develop the projects over the next three years and to maintain
$ Q$ ?' h9 i5 S2 I3 i$ [+ t5 w9 b aan Alberta head office for operating companies associated with the# T/ l, {' b3 `: l! C8 Q+ X
projects for the next five years.0 F. d, ?/ X+ Y" y6 A2 Y; e& e9 f" {
(The Canadian Press) |
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