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OTTAWA - Ottawa has given its blessing to the sale of properties4 z: a% N% r* I1 j) o# Z, O
owned by Athabasca Oil Sands Corp. to a Chinese company.9 }7 q! h8 Z- S2 o* o3 p. N
Federal Industry Minister Tony Clement says he has reviewed the
* }! K5 ^3 u; ]% wdeal between Athabasca and PetroChina International Investment Co.
! x$ `+ Z" _# aLtd. and finds its is likely to be of net benefit to Canada.
, x4 p. k X. o Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. B, o* F! g3 M8 }, Gmade a number of significant commitments should they be allowed to
. I2 Q: J Q( w% D& P4 Aacquire control of the MacKay and Dover oil sands projects.! L, V; J. t: w3 V9 r
Among other things, the Chinese concerns have agreed to capital9 Y7 H8 S0 R# }. l
expenditures in excess of $250 million for developing the properties2 Q" n0 |% k9 z' M4 i; [4 `6 i1 G; H
over the next three years.% e% g4 ^; l; S4 ?
They have also pledged to increase employment levels in Canada as" T! w Q9 b R1 O4 q0 [
they develop the projects over the next three years and to maintain; M* \$ N, a3 T# H& L, r
an Alberta head office for operating companies associated with the+ Q& S8 t) b( Y2 X' l
projects for the next five years.
3 v! E6 @( Y) h2 t& M+ V2 Y (The Canadian Press) |
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