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OTTAWA - Ottawa has given its blessing to the sale of properties
1 V4 x: z3 q7 F: bowned by Athabasca Oil Sands Corp. to a Chinese company.
6 e u/ j, l( w( ?( f Federal Industry Minister Tony Clement says he has reviewed the
! F1 C: k5 \" K, ddeal between Athabasca and PetroChina International Investment Co.- L3 A8 G2 ]. |" P$ \
Ltd. and finds its is likely to be of net benefit to Canada.
! k$ d& P( l, O6 @0 R" s- t2 {+ A Clement says PetroChina and its parent, PetroChina Co. Ltd., have- I' F# l& w J/ ~( `% G
made a number of significant commitments should they be allowed to
9 j/ Q) M& B% A5 i- G5 ?: }! O g) wacquire control of the MacKay and Dover oil sands projects.
; k5 h5 Y6 A/ H( M Among other things, the Chinese concerns have agreed to capital8 t3 z D2 `& @3 a" l% A4 ~
expenditures in excess of $250 million for developing the properties
; K$ B5 X. K, ^- m# W5 }- d( Uover the next three years.5 M" r8 U9 _& w/ ]4 E7 _3 q
They have also pledged to increase employment levels in Canada as
/ e7 k2 C/ i8 q3 kthey develop the projects over the next three years and to maintain
7 v L( L' ~9 W' ^7 Han Alberta head office for operating companies associated with the
. ` d' y. G& O. ]7 j9 y _projects for the next five years." s" V9 Q; W) @, M4 Z7 I! O" c. Y
(The Canadian Press) |
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