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OTTAWA - Ottawa has given its blessing to the sale of properties! ~, P8 ^4 k/ C: l
owned by Athabasca Oil Sands Corp. to a Chinese company.
% z/ g: B+ V1 M5 \9 @ Federal Industry Minister Tony Clement says he has reviewed the
- v" Q' j# c! M" ]! ndeal between Athabasca and PetroChina International Investment Co.
i) S1 V- a6 l4 KLtd. and finds its is likely to be of net benefit to Canada.9 n# W5 o6 V2 O% Y* x' Z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ y* L& m, W8 B9 ~made a number of significant commitments should they be allowed to; u$ K# m0 y j/ F: a. W2 Z* e
acquire control of the MacKay and Dover oil sands projects.; Y' D6 G/ O. P1 Z4 [" y/ t
Among other things, the Chinese concerns have agreed to capital, R' z. }& J4 U
expenditures in excess of $250 million for developing the properties- x4 g2 K/ |% x9 ^) [7 S2 @
over the next three years.: M9 ~5 t1 m, d1 b/ n* l
They have also pledged to increase employment levels in Canada as. b* c; P; Z" [
they develop the projects over the next three years and to maintain7 \$ d* n# v. G! T- ~
an Alberta head office for operating companies associated with the
' {# s% Y6 f' l! C4 b- T5 Y' wprojects for the next five years.7 _5 j4 {: i; X; H: N8 d
(The Canadian Press) |
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