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OTTAWA - Ottawa has given its blessing to the sale of properties b9 W: [; |/ I4 T
owned by Athabasca Oil Sands Corp. to a Chinese company.7 v0 E7 }/ ~$ A1 a+ z
Federal Industry Minister Tony Clement says he has reviewed the
' [) P0 _# I+ w# K* j' d' Xdeal between Athabasca and PetroChina International Investment Co.9 |- v8 `* X D2 p7 y5 p- {, g
Ltd. and finds its is likely to be of net benefit to Canada.
0 F, w: m6 l ] X Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 v" _% x$ Q! o/ Kmade a number of significant commitments should they be allowed to
; @0 H( W, A n8 }9 X7 s+ aacquire control of the MacKay and Dover oil sands projects.) n) a) a7 F8 [+ R+ y8 _
Among other things, the Chinese concerns have agreed to capital
; \5 z- f; g7 p9 ~6 L& w4 M# ~+ oexpenditures in excess of $250 million for developing the properties0 t1 v6 Z! q" \7 M
over the next three years.
( _5 \3 } E x7 h They have also pledged to increase employment levels in Canada as
7 {: K; d8 B! X2 |they develop the projects over the next three years and to maintain9 h; R3 d1 b8 _7 j, p
an Alberta head office for operating companies associated with the% F' o# i$ h; ?3 a- S
projects for the next five years.0 A5 O" e' M+ o5 v. G/ L
(The Canadian Press) |
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