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OTTAWA - Ottawa has given its blessing to the sale of properties
" Y# G ]$ f; x0 B) D. h2 o2 nowned by Athabasca Oil Sands Corp. to a Chinese company.2 c' q1 p2 S; }: e: Y
Federal Industry Minister Tony Clement says he has reviewed the
/ d7 T7 Q' u3 u4 L7 u edeal between Athabasca and PetroChina International Investment Co.
) }$ f3 k, a% [Ltd. and finds its is likely to be of net benefit to Canada.
" f% O# a* L8 c0 ~* [. { Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* _6 K5 |1 x3 ~( dmade a number of significant commitments should they be allowed to
+ j. J1 U' J8 Z+ N& jacquire control of the MacKay and Dover oil sands projects.; T u: ^; t5 n* r
Among other things, the Chinese concerns have agreed to capital9 }$ i R( _( g, Y7 O% u
expenditures in excess of $250 million for developing the properties1 e* h) z0 k+ v( {% d
over the next three years.
+ L7 J- [# N/ q' [7 H, t They have also pledged to increase employment levels in Canada as
: i# i" c: n: |2 X, T/ T, |they develop the projects over the next three years and to maintain7 O$ ~& Y+ W7 y9 h, H0 T7 G+ C
an Alberta head office for operating companies associated with the8 w5 x( h8 Y! Q& _5 g6 _. }+ Y
projects for the next five years. M) k. K3 x4 y6 y* [# x; B6 I
(The Canadian Press) |
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