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OTTAWA - Ottawa has given its blessing to the sale of properties- `) V% E5 l- a
owned by Athabasca Oil Sands Corp. to a Chinese company.
2 Q, g/ ~7 @9 ~9 ]( h& b Federal Industry Minister Tony Clement says he has reviewed the
, t1 l% d7 A9 O" q& J% h1 ideal between Athabasca and PetroChina International Investment Co.4 t0 Q& d9 D8 A1 V% Q- [
Ltd. and finds its is likely to be of net benefit to Canada.3 s% y+ Y% q8 B" m) g
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 r" v9 t; O! Ymade a number of significant commitments should they be allowed to1 ~7 u! h* K. @' G: N( n
acquire control of the MacKay and Dover oil sands projects.3 c, e5 a& U0 U$ v' p9 `1 L
Among other things, the Chinese concerns have agreed to capital
6 d# q# \ {8 `+ @expenditures in excess of $250 million for developing the properties4 `% X( }+ C5 l/ x" o, ?
over the next three years.) O$ }% V7 y& t, C; C
They have also pledged to increase employment levels in Canada as- Z1 M( a, Z( H& f8 j( D9 Q
they develop the projects over the next three years and to maintain
' ?- X/ n% Q$ ]! r2 e2 \, B* K) {an Alberta head office for operating companies associated with the( V% T' ~' x7 d! W* z4 X9 R* j
projects for the next five years.
$ D6 l6 m$ F t! Q (The Canadian Press) |
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