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OTTAWA - Ottawa has given its blessing to the sale of properties" [" l& @7 ~0 d* }
owned by Athabasca Oil Sands Corp. to a Chinese company.
g7 `6 B( p* y; L/ T$ T m Federal Industry Minister Tony Clement says he has reviewed the3 o8 m5 _9 {& V, P: N
deal between Athabasca and PetroChina International Investment Co. t* N+ W1 r! Q2 g. U8 g) C: j0 w% P
Ltd. and finds its is likely to be of net benefit to Canada.. L( p6 ]9 {( F& P; i7 }5 t
Clement says PetroChina and its parent, PetroChina Co. Ltd., have; g. r/ R y2 o; x
made a number of significant commitments should they be allowed to
$ R* n; C: e: u* Zacquire control of the MacKay and Dover oil sands projects.
, O1 G: ]# D* \+ `4 ~- w Among other things, the Chinese concerns have agreed to capital
7 x. H& z& S- h$ uexpenditures in excess of $250 million for developing the properties2 Z5 F5 J, S2 x9 u4 `4 I5 G
over the next three years.
) D( G; w6 u6 ?; b& n* X They have also pledged to increase employment levels in Canada as& o; @+ ]5 P* Q) j
they develop the projects over the next three years and to maintain
2 D1 u Y3 W) j' aan Alberta head office for operating companies associated with the4 d5 {; q, Z$ n6 R
projects for the next five years.
% v: H# ]$ l) a$ ^4 W2 C (The Canadian Press) |
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