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OTTAWA - Ottawa has given its blessing to the sale of properties9 y9 h( Y6 v7 u9 U7 m
owned by Athabasca Oil Sands Corp. to a Chinese company.! m4 g- ?" f' m3 _2 ?
Federal Industry Minister Tony Clement says he has reviewed the
1 T$ |1 i: r% S3 |deal between Athabasca and PetroChina International Investment Co.5 l: C1 e$ k& y9 ]6 R
Ltd. and finds its is likely to be of net benefit to Canada.
1 @- ?2 Z4 U4 l" {# t; R+ {7 _ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# d/ a# d5 s4 Dmade a number of significant commitments should they be allowed to1 a2 ]& e0 h1 l9 t& i& m [! t" h2 }9 _
acquire control of the MacKay and Dover oil sands projects.
# U- |2 G8 U2 L* A4 } Among other things, the Chinese concerns have agreed to capital
% D' z, H) y" @8 t% }9 D/ Nexpenditures in excess of $250 million for developing the properties* f# v2 S* _# q; b$ i
over the next three years.( c+ z8 J& l9 X1 ^8 i5 n
They have also pledged to increase employment levels in Canada as+ c& Y+ G9 r; ]& L. v! i( @# }- a6 P
they develop the projects over the next three years and to maintain, f9 Z& n8 S0 W" u( l; i
an Alberta head office for operating companies associated with the
8 F o3 Z, b' f0 j3 `, b+ w+ lprojects for the next five years.
" g$ n, ]" c, E( |6 L (The Canadian Press) |
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