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OTTAWA - Ottawa has given its blessing to the sale of properties1 @) |" H0 D S L2 Z! S% E
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ U/ z* ^# E Y$ y- T" F0 U Federal Industry Minister Tony Clement says he has reviewed the
, s. c: w9 @% R# Hdeal between Athabasca and PetroChina International Investment Co.
1 f# v: b/ K+ p, @Ltd. and finds its is likely to be of net benefit to Canada. ~1 k/ G! z3 C* ^% j: n6 Z6 e* ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) G3 c- p; a1 m# [. A
made a number of significant commitments should they be allowed to
, s* k; [1 q7 t/ G/ O0 |$ ]acquire control of the MacKay and Dover oil sands projects.
8 m$ Q5 I7 ^/ D Among other things, the Chinese concerns have agreed to capital
, ]- \, F- @# Kexpenditures in excess of $250 million for developing the properties
( C, I# O4 t8 [: H/ r1 z4 yover the next three years.' {0 ]; x7 P" _+ F
They have also pledged to increase employment levels in Canada as
' i. f3 h" E- @3 ` g7 Kthey develop the projects over the next three years and to maintain
; i& `7 w3 y2 F' u( S" a: e( X* Oan Alberta head office for operating companies associated with the
5 ^7 v- F0 A6 [+ Q2 l j& ?/ ]projects for the next five years.* S6 K! h; V% c
(The Canadian Press) |
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