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OTTAWA - Ottawa has given its blessing to the sale of properties; c! {% ?/ V4 j
owned by Athabasca Oil Sands Corp. to a Chinese company.
" D+ H) \! q: E0 s& u9 N Federal Industry Minister Tony Clement says he has reviewed the
0 b2 Y% Q! w4 ^! r, k, Qdeal between Athabasca and PetroChina International Investment Co.' c; x0 P4 I% T
Ltd. and finds its is likely to be of net benefit to Canada.1 q0 f6 d# p7 A3 W3 t; `0 s8 I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have! y" m3 Z( j D4 u: e- l ^. Q
made a number of significant commitments should they be allowed to
: t/ F: h8 E$ u3 X' M9 K1 t8 q. g9 ?acquire control of the MacKay and Dover oil sands projects.
( \& U. N0 B/ o0 V; l1 p5 N; K( K Among other things, the Chinese concerns have agreed to capital
! T: `# [/ U# ]9 g/ C. l6 [, }expenditures in excess of $250 million for developing the properties0 k- T |0 t! L' @$ i2 K1 o1 V
over the next three years.8 a, N0 E/ x3 W2 J
They have also pledged to increase employment levels in Canada as$ x- i8 p3 ] d `, j& Q" a
they develop the projects over the next three years and to maintain
# M1 M, o8 X/ T ^6 B, _8 D1 fan Alberta head office for operating companies associated with the
, W" G. Z2 x, B/ xprojects for the next five years.& s& v v% d" u! U1 R5 s- s5 [
(The Canadian Press) |
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