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OTTAWA - Ottawa has given its blessing to the sale of properties. r& _* y' l. q& D' W
owned by Athabasca Oil Sands Corp. to a Chinese company.! L. d t% D$ T3 j- L% [
Federal Industry Minister Tony Clement says he has reviewed the
4 u x) E/ l1 L8 t9 {0 Z' N' Xdeal between Athabasca and PetroChina International Investment Co.9 ~' ? F" U! R7 M7 i+ E
Ltd. and finds its is likely to be of net benefit to Canada.
# p2 H6 w" h a. s5 [3 O Clement says PetroChina and its parent, PetroChina Co. Ltd., have, U6 i. E- p0 B& p
made a number of significant commitments should they be allowed to
* K/ V! ^4 J W5 e6 Q, \3 {5 oacquire control of the MacKay and Dover oil sands projects.
: r5 L# Q. o: Q7 T8 U# t Among other things, the Chinese concerns have agreed to capital
d5 u+ s& x% }' ?2 `$ I* P+ z( zexpenditures in excess of $250 million for developing the properties0 b* |5 X. w' u1 |7 y
over the next three years.
+ e, ~9 K$ ^, o, T& F2 h& z They have also pledged to increase employment levels in Canada as
. j7 H) s9 m w# i* kthey develop the projects over the next three years and to maintain
3 P* ]0 `: z7 s$ G6 Y* wan Alberta head office for operating companies associated with the( |2 T3 ]5 j0 G2 F) }
projects for the next five years.' w% W3 a$ \, e
(The Canadian Press) |
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