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OTTAWA - Ottawa has given its blessing to the sale of properties
4 _1 G' d* e) Fowned by Athabasca Oil Sands Corp. to a Chinese company.
3 M1 a4 q/ @$ j7 \/ ?' Y Federal Industry Minister Tony Clement says he has reviewed the+ n W3 l& j$ h. O- C: [
deal between Athabasca and PetroChina International Investment Co.0 o6 v1 z7 [* E K
Ltd. and finds its is likely to be of net benefit to Canada.7 Y' f( M' ~. R) F' p T$ h: r
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 q. p( O% m: f, _' ]* M: h9 u0 V( f& G
made a number of significant commitments should they be allowed to+ M* x, K0 V# S
acquire control of the MacKay and Dover oil sands projects.
. ^8 H6 _& ^& Q e$ K1 ]+ P Among other things, the Chinese concerns have agreed to capital( H$ X1 O3 c* O% z
expenditures in excess of $250 million for developing the properties
3 [( w; C; S' @& P0 ~" `over the next three years.. D2 l* t' V! H5 H B. v& s1 p+ Q
They have also pledged to increase employment levels in Canada as
) A6 V8 b% ?5 P j: n q# \1 bthey develop the projects over the next three years and to maintain3 m, K, j4 X. F4 ^: J) R* n
an Alberta head office for operating companies associated with the
& ^- Z7 M! w/ v0 I5 Fprojects for the next five years.
5 s5 }% h6 d8 V" r! X (The Canadian Press) |
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