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OTTAWA - Ottawa has given its blessing to the sale of properties! A0 }, ]) L: T+ T% Y
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ S2 N$ C/ q$ ^; w' }; W Federal Industry Minister Tony Clement says he has reviewed the
; h9 H. Y) J0 ]% a, u& Tdeal between Athabasca and PetroChina International Investment Co." i. h$ J3 @8 p& \3 C% G
Ltd. and finds its is likely to be of net benefit to Canada.. ?4 _- d) f* W. l9 c/ f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 ?4 N+ ^7 ]1 ] g, M( O% |made a number of significant commitments should they be allowed to
9 r$ E& P' q" E' }+ N/ v0 aacquire control of the MacKay and Dover oil sands projects.3 Y7 c- q; R. e* q/ t ^ x
Among other things, the Chinese concerns have agreed to capital
8 b9 n! Q9 K8 H- t' M! Oexpenditures in excess of $250 million for developing the properties
. n( X. `4 W, }3 `$ s1 h. Dover the next three years." ]0 g" C8 }$ m# M& B
They have also pledged to increase employment levels in Canada as
8 ^. X. P2 ]6 L' ^" E& E% P2 q+ F; hthey develop the projects over the next three years and to maintain$ \ P& b% E7 B- a
an Alberta head office for operating companies associated with the
3 K) C2 U- Q& F5 d3 c7 aprojects for the next five years.
( ^$ e- ]& x, ` (The Canadian Press) |
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