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OTTAWA - Ottawa has given its blessing to the sale of properties
( l, @& h% a, B# r4 Z Z# ^3 f1 Fowned by Athabasca Oil Sands Corp. to a Chinese company.
! C5 }+ i! F: @9 x Federal Industry Minister Tony Clement says he has reviewed the" y6 ]. x3 }6 ^+ z6 f
deal between Athabasca and PetroChina International Investment Co.
0 c/ @9 C. N7 z7 z0 F7 QLtd. and finds its is likely to be of net benefit to Canada.. m7 _. h6 d4 P# O
Clement says PetroChina and its parent, PetroChina Co. Ltd., have5 }7 n2 ]4 b( `6 `) A3 }
made a number of significant commitments should they be allowed to
2 F: `$ J( q* y3 I0 ` racquire control of the MacKay and Dover oil sands projects.; Y- \( \5 k6 B6 P
Among other things, the Chinese concerns have agreed to capital
. Q# I, S6 F9 ?8 K2 k) Bexpenditures in excess of $250 million for developing the properties8 e8 z1 D0 }6 O
over the next three years.: P, l* J+ t! i' V9 A) P7 w# C
They have also pledged to increase employment levels in Canada as
0 V3 K) h4 R+ N* F' c9 Y9 c' Gthey develop the projects over the next three years and to maintain$ m. H/ p# o; s. E& e$ \$ j, X
an Alberta head office for operating companies associated with the* T# d- k" k+ k" H' j$ T' c- y
projects for the next five years.
3 E! [3 ~3 u* E% T6 v( z4 n! i (The Canadian Press) |
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