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OTTAWA - Ottawa has given its blessing to the sale of properties
+ U) Q) i: N& n* X/ i. @7 i8 Powned by Athabasca Oil Sands Corp. to a Chinese company.' \$ S5 n7 s7 X* M1 H6 u
Federal Industry Minister Tony Clement says he has reviewed the
- Y/ X5 _" n5 ` w: ]deal between Athabasca and PetroChina International Investment Co.* g6 j! S; ^5 t; J; X
Ltd. and finds its is likely to be of net benefit to Canada.6 V+ ^" E# u! C5 b2 D W3 d1 P
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% X8 ^/ m4 T5 A# @made a number of significant commitments should they be allowed to! v. Z( e4 ?, v9 w: w# d
acquire control of the MacKay and Dover oil sands projects.
4 o; d" ?/ w. d/ G, t Among other things, the Chinese concerns have agreed to capital
7 k2 V' ^9 l4 u! g& Zexpenditures in excess of $250 million for developing the properties
9 V' c5 u; d: R3 e% ?over the next three years.
) u z7 e* ]. {$ x0 M They have also pledged to increase employment levels in Canada as" f* t: W" f; c
they develop the projects over the next three years and to maintain
& f4 e. A( v+ H& h: I5 Q1 uan Alberta head office for operating companies associated with the
3 x9 A" B @3 hprojects for the next five years.+ v4 ] s* w" R. j" _7 F
(The Canadian Press) |
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