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OTTAWA - Ottawa has given its blessing to the sale of properties
' q Q( _$ ~4 oowned by Athabasca Oil Sands Corp. to a Chinese company.
" n* u6 f7 T* s% W/ c3 t0 ?' f Federal Industry Minister Tony Clement says he has reviewed the
$ i0 @: b9 t. a+ } bdeal between Athabasca and PetroChina International Investment Co.# X* p, K$ F3 y! B9 I, w8 S
Ltd. and finds its is likely to be of net benefit to Canada.
G7 u8 |' J6 E3 V Clement says PetroChina and its parent, PetroChina Co. Ltd., have' z$ ]3 ? G" E1 V- v
made a number of significant commitments should they be allowed to
0 |0 R% u% j8 gacquire control of the MacKay and Dover oil sands projects." i9 z+ M# L) k5 v0 }& D
Among other things, the Chinese concerns have agreed to capital
8 e) p+ P7 f% i, A2 O2 bexpenditures in excess of $250 million for developing the properties
$ z0 K6 q. T; n2 i# {! Cover the next three years.9 r& r0 w( R' @* K
They have also pledged to increase employment levels in Canada as$ A% `/ c% W+ K. T# A
they develop the projects over the next three years and to maintain
8 G4 G% L( b1 L) w. N; i- o* jan Alberta head office for operating companies associated with the
8 F' h' W( f/ r( p$ M' e8 Y" _projects for the next five years.
3 ]) L6 I# T, }, @; O( _ (The Canadian Press) |
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