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OTTAWA - Ottawa has given its blessing to the sale of properties
, N& H& J* W, Cowned by Athabasca Oil Sands Corp. to a Chinese company.
6 ?- s) {* U# n+ E3 P2 T3 i% M Federal Industry Minister Tony Clement says he has reviewed the
$ u, W! a- I+ C8 T! j. Ndeal between Athabasca and PetroChina International Investment Co.
d9 ^: Z4 h( o4 E1 r' ~6 g4 uLtd. and finds its is likely to be of net benefit to Canada.8 ?" H6 a7 z* T$ v& D7 e' i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ u& g. q; ]4 V0 v8 a, jmade a number of significant commitments should they be allowed to# t; _, c3 E( E% ^8 B! J
acquire control of the MacKay and Dover oil sands projects.8 u+ s# U# z; X: }4 t8 m, f, t
Among other things, the Chinese concerns have agreed to capital3 r3 a% |, v6 ^, I
expenditures in excess of $250 million for developing the properties
8 \8 \) }! o Z4 x( _over the next three years.
! S1 f: _8 X) O4 j- N7 h- P, |! u They have also pledged to increase employment levels in Canada as, _6 }& D2 Y2 Y
they develop the projects over the next three years and to maintain
6 b+ s9 c# d6 ~7 O+ j; X9 [6 R n9 aan Alberta head office for operating companies associated with the
9 ]9 A6 b7 Z' U4 G+ F6 N5 Rprojects for the next five years.% _1 S5 S3 K3 ?! j7 m
(The Canadian Press) |
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