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OTTAWA - Ottawa has given its blessing to the sale of properties) x) h. g. d1 m: U. t, H
owned by Athabasca Oil Sands Corp. to a Chinese company.
* s8 [4 y- I, Y* g Federal Industry Minister Tony Clement says he has reviewed the
# j# t0 [0 T, M! udeal between Athabasca and PetroChina International Investment Co./ F0 ^: g* R: Y0 w
Ltd. and finds its is likely to be of net benefit to Canada.
+ W4 r# H3 o5 X9 \5 N Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ ?8 x$ {: ]8 D, U3 `5 smade a number of significant commitments should they be allowed to
1 D+ z- t, q4 d- macquire control of the MacKay and Dover oil sands projects.
4 a9 b6 N- a. [$ y Among other things, the Chinese concerns have agreed to capital
8 e2 O. R1 M3 P- h4 m' J' [expenditures in excess of $250 million for developing the properties
A0 Q0 Q% @) J$ ~: g' K, A" gover the next three years.
: M8 _: n( Q5 c7 a+ K7 | They have also pledged to increase employment levels in Canada as
7 J6 O( }, `8 C) c: Z: [" Fthey develop the projects over the next three years and to maintain7 H, Q. j# p$ E2 ]3 P6 j
an Alberta head office for operating companies associated with the
4 U% U: U9 {* S3 [+ Mprojects for the next five years.* n! S/ u' E5 H
(The Canadian Press) |
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