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OTTAWA - Ottawa has given its blessing to the sale of properties
. _' @3 j) y; {+ U" Q J& Xowned by Athabasca Oil Sands Corp. to a Chinese company.7 e6 |6 k$ V B
Federal Industry Minister Tony Clement says he has reviewed the
- x; S1 d( l A* e1 odeal between Athabasca and PetroChina International Investment Co.9 R" D1 \0 o1 ^# P' b; [* {" z
Ltd. and finds its is likely to be of net benefit to Canada.
' A; @" Y, {! Q, Z2 | Clement says PetroChina and its parent, PetroChina Co. Ltd., have. i6 A8 B/ w; t# Z( L
made a number of significant commitments should they be allowed to- c" _- V/ c2 m I4 S9 ~
acquire control of the MacKay and Dover oil sands projects.
/ ]6 [* z/ O' N/ {$ |& v9 N Among other things, the Chinese concerns have agreed to capital
. K" y; M8 m) gexpenditures in excess of $250 million for developing the properties- d6 K S3 S8 n) z5 Z
over the next three years.# |' x4 k* O/ A' w- p `0 h1 [
They have also pledged to increase employment levels in Canada as) R0 |! K0 m) s; s* T) I
they develop the projects over the next three years and to maintain
, r _4 K9 x+ m$ Q4 t1 {an Alberta head office for operating companies associated with the+ E; Z- c, P/ m: }1 e
projects for the next five years." n" t/ s8 G1 H# f5 w4 J& J
(The Canadian Press) |
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