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OTTAWA - Ottawa has given its blessing to the sale of properties ?" j- P, o0 [6 i! C j5 d8 p0 H
owned by Athabasca Oil Sands Corp. to a Chinese company.
" h9 h4 F8 d4 y Federal Industry Minister Tony Clement says he has reviewed the. Q5 O7 I$ i) f; L) Y
deal between Athabasca and PetroChina International Investment Co.
" Q8 Q. U: g' J8 e8 W) w4 PLtd. and finds its is likely to be of net benefit to Canada.
0 K7 J" D7 O. L) g0 g# ?+ r Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, r6 R- V, g1 _9 P4 S2 N. e) bmade a number of significant commitments should they be allowed to4 a1 E4 A8 N* |+ J6 b7 V
acquire control of the MacKay and Dover oil sands projects.
. V" S% ~( ?: p/ B/ n Among other things, the Chinese concerns have agreed to capital
( l5 B( n$ u; `' F# D/ Nexpenditures in excess of $250 million for developing the properties) B/ C: G2 D0 W- u
over the next three years.1 K5 ~& i5 o& `; E& ]
They have also pledged to increase employment levels in Canada as+ G7 m# q0 A8 ^) y; `* ^/ ~ w' P$ N
they develop the projects over the next three years and to maintain6 q; H2 k3 y f
an Alberta head office for operating companies associated with the
* }) ~3 `1 @; n! e5 y3 c2 ~, O, Qprojects for the next five years.- j3 X `# |5 }
(The Canadian Press) |
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