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OTTAWA - Ottawa has given its blessing to the sale of properties
2 z6 e# l4 V( ^0 jowned by Athabasca Oil Sands Corp. to a Chinese company." Q& ]5 A7 K. u7 @9 k- x
Federal Industry Minister Tony Clement says he has reviewed the3 L$ ?6 c7 P6 m Y: _! F& X
deal between Athabasca and PetroChina International Investment Co.
8 H4 V! R8 d7 X* KLtd. and finds its is likely to be of net benefit to Canada.: ]) S! q6 J, W& l$ Y/ n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 k) f+ h J5 i" X5 Z
made a number of significant commitments should they be allowed to
( U2 }/ ]9 d; C8 L+ y/ |acquire control of the MacKay and Dover oil sands projects.3 u* G, R4 V! \# y! B* b! t
Among other things, the Chinese concerns have agreed to capital
6 O0 g3 t5 _" X+ V( y6 C1 fexpenditures in excess of $250 million for developing the properties4 g# B7 O6 \6 d+ G2 ?# O
over the next three years.
/ V* d- ]- ~, T0 y0 _# J/ n They have also pledged to increase employment levels in Canada as$ G( g. e" Y/ s5 Q1 i4 P
they develop the projects over the next three years and to maintain
# U: h u1 d; Can Alberta head office for operating companies associated with the
! M: ]% w4 L$ M: L2 {" `projects for the next five years.
5 e( G. h: L& i1 ~ (The Canadian Press) |
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