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OTTAWA - Ottawa has given its blessing to the sale of properties0 J( h" y, v! `3 o' T
owned by Athabasca Oil Sands Corp. to a Chinese company., f5 C$ f5 y( m, @" ^4 v
Federal Industry Minister Tony Clement says he has reviewed the
8 i* p" Y% Q; { ^! o8 \* z0 L2 Xdeal between Athabasca and PetroChina International Investment Co./ G/ N8 m7 O) S, c
Ltd. and finds its is likely to be of net benefit to Canada.2 n$ R( A& Z% [! }0 u! s
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ H, f- p4 E+ \( N. wmade a number of significant commitments should they be allowed to
9 k8 \6 n+ g O3 v) b8 x% nacquire control of the MacKay and Dover oil sands projects.$ z9 S/ S; {1 s; h
Among other things, the Chinese concerns have agreed to capital* y# D) k- B/ k B( z5 |& I
expenditures in excess of $250 million for developing the properties8 ^+ v7 U5 y, Y& h
over the next three years.& K" }! M2 e; m4 {% K2 G
They have also pledged to increase employment levels in Canada as* X9 j& f' U' w7 Q2 o1 u( U' }
they develop the projects over the next three years and to maintain
! S! v/ c' x3 ^. s/ jan Alberta head office for operating companies associated with the
' E/ K* m! E% s$ o9 F! jprojects for the next five years.$ Y2 M: D; B$ m$ E# R2 k1 z
(The Canadian Press) |
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