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OTTAWA - Ottawa has given its blessing to the sale of properties% C+ k" o9 b6 O: S
owned by Athabasca Oil Sands Corp. to a Chinese company.% v. ?: j0 z! e& W4 y
Federal Industry Minister Tony Clement says he has reviewed the
6 ^; [/ g! K6 ~8 K& Tdeal between Athabasca and PetroChina International Investment Co.2 B( G" G+ f2 y8 i4 K9 l
Ltd. and finds its is likely to be of net benefit to Canada.
, I2 h0 W3 X2 |* `* e$ Y( z Clement says PetroChina and its parent, PetroChina Co. Ltd., have
L2 a' I) i U2 ~$ [4 s) R, Umade a number of significant commitments should they be allowed to+ h" X! @' Q, Y& ^# F/ u
acquire control of the MacKay and Dover oil sands projects.- {3 _. V) V8 ^) F( Z6 Z. E! L
Among other things, the Chinese concerns have agreed to capital
/ A0 G0 L5 T! E0 rexpenditures in excess of $250 million for developing the properties8 ~9 P% k, T% k+ N
over the next three years.
( L4 [6 h5 B P They have also pledged to increase employment levels in Canada as. W, r A$ b3 t# c7 Y
they develop the projects over the next three years and to maintain4 s9 A" y9 X, s7 ?. P
an Alberta head office for operating companies associated with the
) ]7 f! a' ]' ]' d2 hprojects for the next five years.
+ j2 v9 W1 m2 N+ s (The Canadian Press) |
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