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OTTAWA - Ottawa has given its blessing to the sale of properties
7 S& C6 a# {) C5 _7 a; @/ }( powned by Athabasca Oil Sands Corp. to a Chinese company.) E/ W D2 C- J# w/ U1 G: \
Federal Industry Minister Tony Clement says he has reviewed the5 ~: z: Y$ w9 s ?# I
deal between Athabasca and PetroChina International Investment Co./ v. \% D, Y9 r( _3 `/ W/ s
Ltd. and finds its is likely to be of net benefit to Canada.
1 l) \: n$ P% ]/ Q! a2 u; g Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 H7 F$ e% d) U2 V. ^6 O2 ?
made a number of significant commitments should they be allowed to
: \' [0 H/ ~5 b% r5 ?# A) Zacquire control of the MacKay and Dover oil sands projects.4 y4 r8 W- `2 [- P3 @' ]
Among other things, the Chinese concerns have agreed to capital
/ X8 ~5 X2 y" Q6 s0 ?( {expenditures in excess of $250 million for developing the properties- a9 j( n: R' z1 M
over the next three years.
) e% |& c# r% o! d* I They have also pledged to increase employment levels in Canada as
1 O' u" \; g: R m' a0 ?, b0 u! mthey develop the projects over the next three years and to maintain
. l% @+ m7 X- |* J- p& k' Y: ian Alberta head office for operating companies associated with the
9 K+ n8 A4 ^ Z. ?- c) Z; Vprojects for the next five years.
, M9 R& S# S7 s$ u" X1 D% m5 m (The Canadian Press) |
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