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OTTAWA - Ottawa has given its blessing to the sale of properties2 Z% y5 J. u# ?# k/ L# [: S5 Z8 B
owned by Athabasca Oil Sands Corp. to a Chinese company.6 r2 X1 k7 g2 E7 E! G. N
Federal Industry Minister Tony Clement says he has reviewed the) ^, {, P" W( X. Z6 ^ |
deal between Athabasca and PetroChina International Investment Co.
5 }( R# x# E" y2 t" I) U7 yLtd. and finds its is likely to be of net benefit to Canada.
; ?% D5 b0 F: m4 v Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 S! B( ^5 d5 j" B" t* T6 O3 B
made a number of significant commitments should they be allowed to
# |4 u; ]! {2 ^. aacquire control of the MacKay and Dover oil sands projects.
, _% T& }; } Z$ A4 Q2 D Among other things, the Chinese concerns have agreed to capital
y6 O/ @' Q* E* zexpenditures in excess of $250 million for developing the properties- M. d( |; l0 |% N) Q" R4 u
over the next three years.+ d+ f2 v, m! s& W& {, I7 ~
They have also pledged to increase employment levels in Canada as
* g$ O6 `; Z2 ? rthey develop the projects over the next three years and to maintain y4 y& k8 \0 _8 P p% V6 l
an Alberta head office for operating companies associated with the
0 v5 n$ f2 ^( R5 c7 }( j3 vprojects for the next five years.
! u; h, l, G" K" c, _2 f (The Canadian Press) |
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