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OTTAWA - Ottawa has given its blessing to the sale of properties. P, E# ~$ b) d6 S( m
owned by Athabasca Oil Sands Corp. to a Chinese company.# A Z: N5 {$ w$ l
Federal Industry Minister Tony Clement says he has reviewed the& s; L1 }, A" P1 U* u8 }$ |
deal between Athabasca and PetroChina International Investment Co.
7 b% U5 ? N' XLtd. and finds its is likely to be of net benefit to Canada.
2 b1 T/ W2 J" b4 d; k Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# N; b9 ?. B2 s6 Imade a number of significant commitments should they be allowed to
5 P, R% F# m, t& R/ |6 @! Racquire control of the MacKay and Dover oil sands projects.8 [$ l% H& w7 F3 A, f$ i4 ~: C
Among other things, the Chinese concerns have agreed to capital5 L) x. W( [8 [# q
expenditures in excess of $250 million for developing the properties
& j p( P' k$ W8 [! l7 Z; ?- pover the next three years.' {' @$ Z5 _4 |* s& F% `
They have also pledged to increase employment levels in Canada as `; z3 _, F7 p) `8 F; y
they develop the projects over the next three years and to maintain
% F5 H! b m5 X7 i pan Alberta head office for operating companies associated with the
5 N: q, ]8 b' r. Pprojects for the next five years.
8 X, A+ {: l1 M" P" R (The Canadian Press) |
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