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OTTAWA - Ottawa has given its blessing to the sale of properties' L2 g" h ?( Y( C- Z6 v* I4 ~
owned by Athabasca Oil Sands Corp. to a Chinese company.4 R0 x2 ^0 l( ~: b3 ? U) N
Federal Industry Minister Tony Clement says he has reviewed the8 m) c4 N) p. c' M! W: O! u% @3 t& _
deal between Athabasca and PetroChina International Investment Co.
1 {0 v7 |) \# _9 |, @ pLtd. and finds its is likely to be of net benefit to Canada.
4 ~3 B+ q2 T) N/ p! E& @0 A Clement says PetroChina and its parent, PetroChina Co. Ltd., have# ^, V. v* Y! u+ ~, V5 z
made a number of significant commitments should they be allowed to
1 c4 q$ a6 |/ n$ C+ R7 ~acquire control of the MacKay and Dover oil sands projects.7 O4 K: t S- b
Among other things, the Chinese concerns have agreed to capital
' ^! G" C8 i! Q# G, \expenditures in excess of $250 million for developing the properties- V/ w2 B+ f+ G' u
over the next three years.
7 |, j# y I$ v They have also pledged to increase employment levels in Canada as
5 t; _4 r5 X' K- |5 w Uthey develop the projects over the next three years and to maintain0 Y+ f B7 C% F1 G8 X% n+ S
an Alberta head office for operating companies associated with the
/ z( b$ F; Q2 m+ a# s5 Pprojects for the next five years.' f: g# x6 N- P3 `$ S5 ]
(The Canadian Press) |
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