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OTTAWA - Ottawa has given its blessing to the sale of properties
9 b9 G5 l2 }7 j! a* h+ Nowned by Athabasca Oil Sands Corp. to a Chinese company.
3 w( K4 O# e& I+ E' u- I5 [ Federal Industry Minister Tony Clement says he has reviewed the
- J, }( i9 S: m- P7 vdeal between Athabasca and PetroChina International Investment Co.
- O0 {" Q/ [% b& w% \0 J2 CLtd. and finds its is likely to be of net benefit to Canada.
% d$ D, S m1 G, H1 Y# m4 W Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 T- S! k: s2 h5 l* k. b' C) n( n% Imade a number of significant commitments should they be allowed to
# r2 r3 l# M8 U$ s) k4 ~. d( c+ B8 cacquire control of the MacKay and Dover oil sands projects.
- |) V# S( e1 D' ^/ r Among other things, the Chinese concerns have agreed to capital" w$ L9 L" B A/ G3 b% B
expenditures in excess of $250 million for developing the properties
2 t5 U8 R- O( w; ^: Lover the next three years.+ `" Q6 E( |% i# n
They have also pledged to increase employment levels in Canada as
& B5 s! l' h( k j& _they develop the projects over the next three years and to maintain- k3 [" w: j2 Y- I" u" Z; s
an Alberta head office for operating companies associated with the. o+ h' \! ?4 N4 r, {! f1 x
projects for the next five years.
* F( f {9 Y5 @9 F: W X+ A! O (The Canadian Press) |
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