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OTTAWA - Ottawa has given its blessing to the sale of properties: }2 X4 w5 |! F1 M! p/ I) {7 `
owned by Athabasca Oil Sands Corp. to a Chinese company.
! K$ R% S+ d0 d3 n- U3 h Federal Industry Minister Tony Clement says he has reviewed the7 J5 e, G' P; |" \4 G, M& R* j
deal between Athabasca and PetroChina International Investment Co.
+ g$ p; c: J, y2 m- {: \Ltd. and finds its is likely to be of net benefit to Canada.
* H; k4 \/ i' F Clement says PetroChina and its parent, PetroChina Co. Ltd., have' [ {! j2 U% D9 z+ q
made a number of significant commitments should they be allowed to9 N, ]5 G' f2 l$ f- Z6 {% [( r$ {8 X
acquire control of the MacKay and Dover oil sands projects.
1 k j; T* a# o1 Z$ {7 U& f# F Among other things, the Chinese concerns have agreed to capital9 d1 h. M$ R, o1 h( f! }0 a+ H/ @
expenditures in excess of $250 million for developing the properties2 i: p! [# q/ {8 h+ W' U
over the next three years.8 ^# a$ X- n6 W
They have also pledged to increase employment levels in Canada as
" S) N% q5 D1 a( L6 R2 mthey develop the projects over the next three years and to maintain
, M1 a& w& J j$ ?. B" f- Ban Alberta head office for operating companies associated with the% I) X: m$ j% x9 S0 I; X
projects for the next five years.
8 i% Z* y. f* [2 ?9 {" R (The Canadian Press) |
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