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OTTAWA - Ottawa has given its blessing to the sale of properties! N2 R# D# f$ p3 E, n1 Y
owned by Athabasca Oil Sands Corp. to a Chinese company.
! S9 h8 n R) A& G' h, }- x Federal Industry Minister Tony Clement says he has reviewed the
/ s( n& f; ]1 m# J' H* E$ H0 F9 j7 Fdeal between Athabasca and PetroChina International Investment Co.! P. L- q7 ]7 ^) c( U5 \
Ltd. and finds its is likely to be of net benefit to Canada." R% L8 `+ S, O, A$ c" M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# P; i# @0 X: {# dmade a number of significant commitments should they be allowed to$ ]% S6 x& V0 z# v: e8 \% f
acquire control of the MacKay and Dover oil sands projects., C& l1 J9 r$ T
Among other things, the Chinese concerns have agreed to capital% T/ [9 R& z. w, |1 Q, {1 {
expenditures in excess of $250 million for developing the properties' \+ y+ R+ T( u6 o! h# ^$ y, \+ d
over the next three years. i, f7 K2 g. q. t, ~8 o8 q
They have also pledged to increase employment levels in Canada as
: ?7 t8 K, ~# o7 q# Athey develop the projects over the next three years and to maintain+ T9 Z) @- F/ H, r @3 ~
an Alberta head office for operating companies associated with the9 a# C9 w9 X4 g1 M
projects for the next five years.
2 s( ]: d) X4 H P (The Canadian Press) |
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