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OTTAWA - Ottawa has given its blessing to the sale of properties7 a L! s* l. q+ ]
owned by Athabasca Oil Sands Corp. to a Chinese company.7 H# z- j& k, J8 ]* W+ ]0 C4 v" {- _
Federal Industry Minister Tony Clement says he has reviewed the
; D* ?; j: J! odeal between Athabasca and PetroChina International Investment Co.4 |/ f. v8 G5 x* d5 @, s
Ltd. and finds its is likely to be of net benefit to Canada.% x ^; i* ?, a" m
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ T b4 s5 N* Cmade a number of significant commitments should they be allowed to
2 n3 b e3 w" D/ w# S2 qacquire control of the MacKay and Dover oil sands projects.1 z5 C1 ~1 \1 N- M
Among other things, the Chinese concerns have agreed to capital
, D, H U I! `expenditures in excess of $250 million for developing the properties
2 \) o2 r, G) V$ g4 hover the next three years.
+ [6 Y$ F$ }6 [4 w) H! g/ X They have also pledged to increase employment levels in Canada as
# ]: N0 c3 I' Lthey develop the projects over the next three years and to maintain+ e8 c- Z5 S4 f# M
an Alberta head office for operating companies associated with the
' O6 N4 T3 \: C( Bprojects for the next five years., `' @' v+ J: U u
(The Canadian Press) |
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