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OTTAWA - Ottawa has given its blessing to the sale of properties$ O& l- ~4 p) A c
owned by Athabasca Oil Sands Corp. to a Chinese company.
- k! t( k$ G6 i9 `2 S Federal Industry Minister Tony Clement says he has reviewed the% C, P% M5 h3 e; n2 o
deal between Athabasca and PetroChina International Investment Co.4 U- |7 C- X/ F5 A2 s
Ltd. and finds its is likely to be of net benefit to Canada.7 b9 _+ ]& s# e! K% @+ o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 ~3 P& `! }" Q( X4 u- k. w$ t
made a number of significant commitments should they be allowed to& Y$ L" o/ ]3 A3 n$ |
acquire control of the MacKay and Dover oil sands projects.+ A! X1 L( g) N' r: q- a
Among other things, the Chinese concerns have agreed to capital
$ K- Q4 `. n. @expenditures in excess of $250 million for developing the properties( p& [2 f2 f( ?, s: ^
over the next three years.
& l' }9 H* S+ H% V. ^ They have also pledged to increase employment levels in Canada as: i; |6 i B" k* |! B7 H
they develop the projects over the next three years and to maintain
4 c# ^' Z# r# w uan Alberta head office for operating companies associated with the0 s! u" }; Z- \# @) {
projects for the next five years.3 b9 Y8 V* [# O: s6 C8 S2 u4 r; v+ A
(The Canadian Press) |
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