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OTTAWA - Ottawa has given its blessing to the sale of properties
5 u- v* d; d0 \) A X% Q0 Kowned by Athabasca Oil Sands Corp. to a Chinese company.
2 j% m" ^+ J1 Q9 E% L" x Federal Industry Minister Tony Clement says he has reviewed the
9 o; W, H" F) q8 q$ I' ndeal between Athabasca and PetroChina International Investment Co.7 M6 i2 Q& N9 w! L8 z! _# c
Ltd. and finds its is likely to be of net benefit to Canada.; o% J0 D3 X7 ^ q2 F' G
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# b8 P5 T* k% h. M8 U, }7 Gmade a number of significant commitments should they be allowed to
5 j o4 W* k$ zacquire control of the MacKay and Dover oil sands projects.
% ~) I' J' y' z9 p* i Among other things, the Chinese concerns have agreed to capital
7 g. p7 q* G0 f5 @6 I. v$ n1 }expenditures in excess of $250 million for developing the properties# p; k, c$ C+ z6 q
over the next three years." H9 `# J5 X* s6 H
They have also pledged to increase employment levels in Canada as
3 J: p T, ]6 R+ e/ \. d: Vthey develop the projects over the next three years and to maintain
( _+ T% `9 f! ]; y" W) V4 d9 f2 I5 Fan Alberta head office for operating companies associated with the' y) O+ q! v& D. L- g; O8 i4 x
projects for the next five years.
0 y. W$ G4 J) G1 N (The Canadian Press) |
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