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OTTAWA - Ottawa has given its blessing to the sale of properties$ u+ L* }9 K0 x4 @$ K' ?! Z' L
owned by Athabasca Oil Sands Corp. to a Chinese company.
; h1 `) i( I/ b, W$ y# o3 v Federal Industry Minister Tony Clement says he has reviewed the! ?) I1 \0 f) Y" ]! _, W
deal between Athabasca and PetroChina International Investment Co.
* a8 W. L- V5 n1 ?3 I4 F$ r% OLtd. and finds its is likely to be of net benefit to Canada.. S4 O2 W2 Q2 {! ]( v! t- W# J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% N) v0 X I T6 Y8 amade a number of significant commitments should they be allowed to
+ Z. u- Y! Q* j2 v1 Macquire control of the MacKay and Dover oil sands projects.
# x2 p; x6 _& b4 D: Z4 P* i' O Among other things, the Chinese concerns have agreed to capital0 R: O( q, s! ?/ Z+ [7 R5 P7 o/ x1 G
expenditures in excess of $250 million for developing the properties
) J* a! y" t p5 I( b& Wover the next three years.$ r8 p; ^- c/ Z8 m1 w6 y+ r
They have also pledged to increase employment levels in Canada as6 F* m5 }5 b# x+ v; [! S5 {
they develop the projects over the next three years and to maintain4 N0 F6 L9 ^7 }6 d+ [
an Alberta head office for operating companies associated with the% R6 y& Y; {: t" n5 o
projects for the next five years.
: O; z% \+ J1 _' O9 g (The Canadian Press) |
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