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OTTAWA - Ottawa has given its blessing to the sale of properties
' N# {2 l; \. q- g/ s9 Wowned by Athabasca Oil Sands Corp. to a Chinese company.
7 m$ F1 K; \. @( |% \3 E Federal Industry Minister Tony Clement says he has reviewed the
2 A7 Y( ]; q+ P- \: qdeal between Athabasca and PetroChina International Investment Co.
: _6 k' `; ^3 t) E1 L" {6 ~* |Ltd. and finds its is likely to be of net benefit to Canada.
, B. R! n* N: E: _ Clement says PetroChina and its parent, PetroChina Co. Ltd., have: x% K V3 O, V; ~. N$ u& _, U0 h6 _" c
made a number of significant commitments should they be allowed to( m% D q i! g0 E; M" l
acquire control of the MacKay and Dover oil sands projects./ D" q2 c" U: a9 w) J
Among other things, the Chinese concerns have agreed to capital
$ c: k5 y4 `" [expenditures in excess of $250 million for developing the properties! K7 s) i* X9 y% n
over the next three years.
6 a8 Z c( I# X! ] They have also pledged to increase employment levels in Canada as
$ V" y9 Y1 i- L: v+ V! Qthey develop the projects over the next three years and to maintain
9 ^, W& M: e% \+ ?4 U) `an Alberta head office for operating companies associated with the/ G5 f2 k' q3 D2 x! h
projects for the next five years.5 M" @" n& V* m/ Y% P
(The Canadian Press) |
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