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OTTAWA - Ottawa has given its blessing to the sale of properties9 W6 e8 L4 ~8 x4 z' Q: j* _
owned by Athabasca Oil Sands Corp. to a Chinese company.
: D* S4 E! l2 _# o- I) f% l2 m9 A Federal Industry Minister Tony Clement says he has reviewed the8 U/ X* v: j$ `
deal between Athabasca and PetroChina International Investment Co.; E5 e( h( L, X% s( ~( n& o
Ltd. and finds its is likely to be of net benefit to Canada.
' x& x2 q0 P/ y: N Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 @8 t% i' S7 S, Nmade a number of significant commitments should they be allowed to
C3 c( m2 V0 R: v! d4 {% x! Lacquire control of the MacKay and Dover oil sands projects.2 p% ^9 g' i+ ~2 ]$ D
Among other things, the Chinese concerns have agreed to capital- H! s5 |# K, ?! v3 ?
expenditures in excess of $250 million for developing the properties! p0 I; T2 ?2 C
over the next three years. L- b* b* { X. B+ a, c7 Z; w! v# K
They have also pledged to increase employment levels in Canada as( g0 [0 @% Q4 s+ ]/ O: ]& F
they develop the projects over the next three years and to maintain3 m" J8 D' y' n4 b, s* w' u; g
an Alberta head office for operating companies associated with the
- h d: |0 u! z q/ f0 N" c5 uprojects for the next five years.
* D& _# ?! u# T, I7 f (The Canadian Press) |
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