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OTTAWA - Ottawa has given its blessing to the sale of properties$ ~8 I) Z2 z. c- Z1 u9 M6 U* i1 N
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ W1 i3 O8 h B: U6 ] Federal Industry Minister Tony Clement says he has reviewed the
; j/ [6 K$ R a/ t/ U, ^deal between Athabasca and PetroChina International Investment Co.
7 a% m q% z8 t' P0 `. hLtd. and finds its is likely to be of net benefit to Canada.
6 f# O0 O; [7 q+ c6 q( [ ~+ _, Z Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* ]& N V/ R. ~9 lmade a number of significant commitments should they be allowed to: f8 V8 ~3 L- O% r8 j. S4 Q
acquire control of the MacKay and Dover oil sands projects.
% ~0 B& @3 ]* Z. [7 |& [2 a. p; w Among other things, the Chinese concerns have agreed to capital5 ?% L! P$ X9 z" N4 J9 ?
expenditures in excess of $250 million for developing the properties$ O/ F: G* }( ` f1 X
over the next three years.
5 {: I+ C$ b* X2 j* `4 g( j They have also pledged to increase employment levels in Canada as+ M- J# U& V7 Z
they develop the projects over the next three years and to maintain4 f. z. o6 j; \
an Alberta head office for operating companies associated with the/ L* P; ~/ F8 [$ q
projects for the next five years.
9 B, p5 j/ a9 u5 F0 Y9 o- l (The Canadian Press) |
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