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OTTAWA - Ottawa has given its blessing to the sale of properties' Y) R. |7 J% Q. G% i, M" [8 X
owned by Athabasca Oil Sands Corp. to a Chinese company.+ ?8 f' ]7 Z& K% M5 `! s( F, Z7 R6 g7 G
Federal Industry Minister Tony Clement says he has reviewed the) Y& B, {7 P% J3 c( H
deal between Athabasca and PetroChina International Investment Co.
& U, {3 c+ @! V" M s5 Q4 O4 xLtd. and finds its is likely to be of net benefit to Canada.& j9 X- n+ a% E' o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: p& ~. \; B8 P; Z( l1 L
made a number of significant commitments should they be allowed to
# J: a$ A* N6 r/ D$ y$ P! [acquire control of the MacKay and Dover oil sands projects.5 a' Z0 @2 }, |
Among other things, the Chinese concerns have agreed to capital# T* f' j, j) u* B% o1 w
expenditures in excess of $250 million for developing the properties a" C4 c( i% |2 ?) j) H7 J/ ]9 ]- F
over the next three years.
# s' q, L3 B& n' b4 [8 j8 p They have also pledged to increase employment levels in Canada as
" J9 E. ]# r( {& R0 Nthey develop the projects over the next three years and to maintain' w$ k: K* k/ }3 H
an Alberta head office for operating companies associated with the/ m) K* `, D8 O; ~ A
projects for the next five years.( W$ D5 R& g, q: U+ U) r
(The Canadian Press) |
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