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OTTAWA - Ottawa has given its blessing to the sale of properties) g% @, x6 k, |- l3 c$ \
owned by Athabasca Oil Sands Corp. to a Chinese company.
. u% O- V" j& I+ p Federal Industry Minister Tony Clement says he has reviewed the
8 K/ i6 u1 S3 l9 q ideal between Athabasca and PetroChina International Investment Co.( X9 U, \. Z% n7 d# P
Ltd. and finds its is likely to be of net benefit to Canada.( }8 Z, n. {$ [3 T% X$ E% R$ n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have; W: e: z3 q! w
made a number of significant commitments should they be allowed to
; e9 L2 v0 `* Jacquire control of the MacKay and Dover oil sands projects.- l, T+ t8 F1 Y' X# J$ i8 Y
Among other things, the Chinese concerns have agreed to capital! a+ C! k4 f- X l7 p% _ w
expenditures in excess of $250 million for developing the properties& h/ m% d( V3 ^6 J* F8 G& B4 T
over the next three years.2 ~5 ]' b; {0 ^) {
They have also pledged to increase employment levels in Canada as
% W( J* W. F+ Q. _& T' Y X) othey develop the projects over the next three years and to maintain! Y2 l. @# A+ a4 a+ x2 Q/ \
an Alberta head office for operating companies associated with the' e+ A4 X3 u: z! _. T5 G" {1 D
projects for the next five years.
* \5 y* P5 ~ t0 f- E0 V7 M/ m7 s (The Canadian Press) |
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