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OTTAWA - Ottawa has given its blessing to the sale of properties
4 E8 @; l" n$ `+ r$ P0 xowned by Athabasca Oil Sands Corp. to a Chinese company.3 K/ k; |! W% D7 X5 {" A2 I
Federal Industry Minister Tony Clement says he has reviewed the
& ?) Y F) L) Y1 F4 {1 T- X! Adeal between Athabasca and PetroChina International Investment Co.
2 y, m, J+ v5 m- G" |/ vLtd. and finds its is likely to be of net benefit to Canada.. \$ v* G- g! @! s9 H& q3 q
Clement says PetroChina and its parent, PetroChina Co. Ltd., have; ^* N; x1 \7 F5 i
made a number of significant commitments should they be allowed to! m9 x6 T1 b/ R; m# s6 I
acquire control of the MacKay and Dover oil sands projects.$ r; n. a% ^1 i$ G" K, b+ t6 f7 \
Among other things, the Chinese concerns have agreed to capital. L7 j0 b2 p/ \6 e1 F/ q
expenditures in excess of $250 million for developing the properties
4 z# ^! G7 F' B4 F6 ~4 q* ~0 o. W9 {( _over the next three years.
8 w0 ^9 Q( p( p% \. N& i# o3 E* M They have also pledged to increase employment levels in Canada as: p5 U" x8 W) x8 W- f& C9 [
they develop the projects over the next three years and to maintain
, o- G6 H9 e$ s$ a6 P: [an Alberta head office for operating companies associated with the: O" H5 T D _$ W$ O' R2 t
projects for the next five years.
' U% p7 m! Y6 `0 X2 y2 @9 Z (The Canadian Press) |
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