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OTTAWA - Ottawa has given its blessing to the sale of properties
2 v4 v, Q4 r/ J% G6 g. l+ H% Towned by Athabasca Oil Sands Corp. to a Chinese company.
; O( b" W" L2 f6 r Federal Industry Minister Tony Clement says he has reviewed the1 |+ ^& K* I# q& |, Y" f
deal between Athabasca and PetroChina International Investment Co.
7 a, Y# [/ ~, S' F5 V* W, RLtd. and finds its is likely to be of net benefit to Canada.' y* S; K/ L$ X. D% z& B- X3 I6 {8 {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ d0 P/ @7 F# M) v% F' A, L
made a number of significant commitments should they be allowed to
( ?7 o2 s* P8 B/ Eacquire control of the MacKay and Dover oil sands projects.' s7 C. ~( A3 r7 a: Q9 Y( R
Among other things, the Chinese concerns have agreed to capital9 j( j: \/ O3 p0 i4 u
expenditures in excess of $250 million for developing the properties, K( m) n/ n. E; c" l0 F
over the next three years.
! {' ~3 M5 q4 c3 x5 h7 D They have also pledged to increase employment levels in Canada as
& G B9 Z% N/ h0 a/ Z; g3 _they develop the projects over the next three years and to maintain: ]# Z/ x' O3 G
an Alberta head office for operating companies associated with the
- x! Y) c/ V6 h. s/ ]1 T" Z9 Wprojects for the next five years.% z0 y7 h( e& ^9 Z
(The Canadian Press) |
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