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OTTAWA - Ottawa has given its blessing to the sale of properties3 F# k( s. A4 I' a
owned by Athabasca Oil Sands Corp. to a Chinese company.& s( x; V0 _7 n( I5 y
Federal Industry Minister Tony Clement says he has reviewed the" m, M! f0 y4 B& y9 g W# v+ m
deal between Athabasca and PetroChina International Investment Co.7 F) l z" P6 H
Ltd. and finds its is likely to be of net benefit to Canada.
9 o5 S3 I4 V# S" A- [/ ^ Clement says PetroChina and its parent, PetroChina Co. Ltd., have- e* u* ~, s; n2 b; g
made a number of significant commitments should they be allowed to5 K; R7 b6 q$ I) g& y# q
acquire control of the MacKay and Dover oil sands projects.% p- p4 ^: A# X8 G0 W
Among other things, the Chinese concerns have agreed to capital6 @. ~ c: e1 Q! Z
expenditures in excess of $250 million for developing the properties
8 Q4 {/ ^6 {( M- Fover the next three years.
9 w) W* b) V6 [" u; F p They have also pledged to increase employment levels in Canada as$ S8 Y# o+ R& m5 M' A7 R
they develop the projects over the next three years and to maintain
: d. P4 `- t9 ^) F. X, C8 Qan Alberta head office for operating companies associated with the
) R# k9 P4 F: Z9 Hprojects for the next five years.; v+ A* c% T. A1 d4 s
(The Canadian Press) |
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