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OTTAWA - Ottawa has given its blessing to the sale of properties7 V f+ W( \( G+ N3 I
owned by Athabasca Oil Sands Corp. to a Chinese company.' U, ~3 E& q3 N9 l
Federal Industry Minister Tony Clement says he has reviewed the9 I' k4 _1 Z9 ]' A D8 y
deal between Athabasca and PetroChina International Investment Co.
$ [. a' W3 E& k1 h( ~4 _5 dLtd. and finds its is likely to be of net benefit to Canada.7 v, H# e8 V: T# b1 `4 M6 x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 H$ g# p7 N! M0 r. O, a7 M1 l+ ]' tmade a number of significant commitments should they be allowed to
" F: C4 N/ W3 i: B K, l" dacquire control of the MacKay and Dover oil sands projects.* j) q D+ S7 I- i
Among other things, the Chinese concerns have agreed to capital
# f) z8 e4 k" [2 g2 k$ l9 Z/ hexpenditures in excess of $250 million for developing the properties
2 t6 X1 P5 I2 _2 A3 Lover the next three years.
. H" v) x+ m1 e3 L They have also pledged to increase employment levels in Canada as. ^5 Y3 t2 B9 [; j7 v7 \( J; x
they develop the projects over the next three years and to maintain
# _; O9 J) I8 [8 ean Alberta head office for operating companies associated with the4 Q E/ \- }% R7 P5 v5 [0 l
projects for the next five years.- N* u1 z, Z5 D0 h8 d- h1 u
(The Canadian Press) |
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