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OTTAWA - Ottawa has given its blessing to the sale of properties& f2 d1 z* I' U5 |
owned by Athabasca Oil Sands Corp. to a Chinese company.
' [4 Q7 O, A) t6 \- D Federal Industry Minister Tony Clement says he has reviewed the
. `+ |/ R8 M s$ D. o3 cdeal between Athabasca and PetroChina International Investment Co.
$ `9 r, T" y4 {4 ]Ltd. and finds its is likely to be of net benefit to Canada.
- _4 Y+ X3 M) x Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ ~& I9 W# f/ U) |1 F, |0 Y% Y% ]made a number of significant commitments should they be allowed to7 ]. [8 U# l% t$ Y, L; X( a! J, ?1 \7 X
acquire control of the MacKay and Dover oil sands projects.
# [2 r3 V. Z X- K; ? Among other things, the Chinese concerns have agreed to capital4 d( {9 o% R. S- g& z; E; l
expenditures in excess of $250 million for developing the properties
6 U+ z y. u/ G+ H* i+ Qover the next three years./ ~9 C6 l( i8 ]$ [& ^( G
They have also pledged to increase employment levels in Canada as v9 P6 }+ a# T8 J& b/ ]! ~2 P1 s' i
they develop the projects over the next three years and to maintain
" H0 u# A9 z/ gan Alberta head office for operating companies associated with the
# W$ @. {3 [; L0 Y$ V M* ~3 lprojects for the next five years.# v" N/ z2 k. x) p/ X( H
(The Canadian Press) |
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