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OTTAWA - Ottawa has given its blessing to the sale of properties4 A3 i6 [! i) }) I$ c
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 l2 U: g5 T1 A# O' B! b" Q$ q Federal Industry Minister Tony Clement says he has reviewed the3 Q2 R6 ?# o" J2 L8 w; u
deal between Athabasca and PetroChina International Investment Co.. i, e- S# f' |% _5 Z
Ltd. and finds its is likely to be of net benefit to Canada.4 q% m" i5 S! `5 h5 ?2 t
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ D+ R: Y! Q7 L7 c3 ~7 k) r; r
made a number of significant commitments should they be allowed to
1 R7 F/ p, O' A a% tacquire control of the MacKay and Dover oil sands projects.
" k, o: d" f( R Among other things, the Chinese concerns have agreed to capital
! l/ P/ ]2 x3 G. x$ ?expenditures in excess of $250 million for developing the properties
8 y7 e. _2 c, X& z/ Y7 Aover the next three years.
6 V2 y7 `2 ^0 G They have also pledged to increase employment levels in Canada as
/ z O, Z( k( \, [7 V) v" Qthey develop the projects over the next three years and to maintain
: u K, K4 X2 p& a. P0 kan Alberta head office for operating companies associated with the' ]' { j3 i1 k) Z" ?: V
projects for the next five years.
6 h& r! W* p: ] (The Canadian Press) |
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