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OTTAWA - Ottawa has given its blessing to the sale of properties1 [0 n: w, N* x% h J
owned by Athabasca Oil Sands Corp. to a Chinese company.9 c9 Q |' T% W- b- P
Federal Industry Minister Tony Clement says he has reviewed the, j- j! h& Z* P _ G* ^
deal between Athabasca and PetroChina International Investment Co.- J) a0 B$ K" I" i1 r# U
Ltd. and finds its is likely to be of net benefit to Canada.
7 [% q- j+ {0 x Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, T3 N7 r2 D" i# p& p$ K5 Y+ w; Vmade a number of significant commitments should they be allowed to$ y- B3 g7 |2 q9 b4 i: r9 D* G! e, ~
acquire control of the MacKay and Dover oil sands projects.
' u0 Y! `+ h9 z4 l) y9 ~. C; B Among other things, the Chinese concerns have agreed to capital
9 H$ I. } b1 Texpenditures in excess of $250 million for developing the properties
3 B5 T1 ^3 r- `5 s2 l- wover the next three years.4 S, O5 Y; h9 m/ x2 k: X
They have also pledged to increase employment levels in Canada as! o3 Y+ m- I% l( q6 n- F7 |" j
they develop the projects over the next three years and to maintain
9 P" X& z7 ^6 ?an Alberta head office for operating companies associated with the
5 d. d; d) T0 L( n, G3 S* e( x: h$ y3 ]projects for the next five years.
; K2 w0 J9 ^7 v# W1 Q1 w (The Canadian Press) |
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