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OTTAWA - Ottawa has given its blessing to the sale of properties; ?2 b7 F7 ~: E
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 ?0 B8 v8 W/ g* T, ] Federal Industry Minister Tony Clement says he has reviewed the! v9 i7 I. F9 }. l- M" g' `( n
deal between Athabasca and PetroChina International Investment Co.
: s& w. d- C* g/ J( \Ltd. and finds its is likely to be of net benefit to Canada.4 b" y: I0 H9 P+ e* |6 _4 Y ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 D8 n, y5 k$ a) J& s1 q! x/ Emade a number of significant commitments should they be allowed to/ p) a$ X% }8 v. x( ?9 k: y# _
acquire control of the MacKay and Dover oil sands projects.2 E T' Z/ T" z# o) z: z" V# K6 \
Among other things, the Chinese concerns have agreed to capital7 M/ L) x# w1 g6 F+ z( e' e) C/ r
expenditures in excess of $250 million for developing the properties3 e3 G8 h" C7 \- U0 k$ \
over the next three years.
: z/ v+ i2 g( A8 G4 z7 n They have also pledged to increase employment levels in Canada as
0 K$ N/ V' h% F# R$ P4 tthey develop the projects over the next three years and to maintain
; {( J' e6 A7 _an Alberta head office for operating companies associated with the! g& c ~/ h6 W* a- W9 b
projects for the next five years.; w. r' T J: L/ B, H
(The Canadian Press) |
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