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OTTAWA - Ottawa has given its blessing to the sale of properties4 j. K# S6 q6 U+ ?; T T" {
owned by Athabasca Oil Sands Corp. to a Chinese company.
5 L2 u: W/ G r4 c9 `+ U, E9 x Federal Industry Minister Tony Clement says he has reviewed the; u; u/ B9 X/ k$ J4 a- F
deal between Athabasca and PetroChina International Investment Co.
8 Y8 `+ n" }* I) a; d! fLtd. and finds its is likely to be of net benefit to Canada.
6 q" `" L! ^' q( I1 I Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 k7 K$ I, \6 r0 U+ X. m2 _4 ymade a number of significant commitments should they be allowed to
$ A1 x$ |5 ]# ?& P$ h, P% W; g0 Facquire control of the MacKay and Dover oil sands projects.0 ^, u8 T9 Y' N; g' I# U7 L" }
Among other things, the Chinese concerns have agreed to capital
; q5 C5 }- v: d( |expenditures in excess of $250 million for developing the properties
$ i5 A& @/ [4 P( a$ N5 g+ B2 rover the next three years.
. I- i2 k% `" [! F- V They have also pledged to increase employment levels in Canada as
7 O4 o W, T6 l( i Othey develop the projects over the next three years and to maintain
: x& B) x2 O7 W+ c+ ran Alberta head office for operating companies associated with the
$ d! ^' O: v+ F, z6 F0 S7 Aprojects for the next five years.
/ l- Q$ @" m/ W! c (The Canadian Press) |
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