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OTTAWA - Ottawa has given its blessing to the sale of properties5 G: b% w, ~8 A i
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 w; Z, L* p0 n1 T. y2 ~$ s Federal Industry Minister Tony Clement says he has reviewed the
3 ~3 n7 H& r' c& o6 }2 Edeal between Athabasca and PetroChina International Investment Co.* A+ c2 d5 E; H5 `* E* t
Ltd. and finds its is likely to be of net benefit to Canada.0 g. q! a! Y# k: M# B( |# _' B
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# e3 G2 s( B ~$ Omade a number of significant commitments should they be allowed to
, P4 T. v4 Y, Aacquire control of the MacKay and Dover oil sands projects.3 \3 z& e+ y w- B) [. |
Among other things, the Chinese concerns have agreed to capital* W3 T. z5 Y# w. O0 V2 }8 j
expenditures in excess of $250 million for developing the properties" b3 E- ?! h: P+ F, |7 V
over the next three years.
" ^# w0 q8 |9 r4 ~" L' W They have also pledged to increase employment levels in Canada as
. u+ R# `: v% j! d% k7 p1 Y" F" B7 [# f4 ^they develop the projects over the next three years and to maintain
' l0 W8 g4 [; w' Q+ c7 a: D2 Xan Alberta head office for operating companies associated with the
. z- P) z3 y% O* B) Dprojects for the next five years.
3 \( I2 t y/ j6 b/ k (The Canadian Press) |
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