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OTTAWA - Ottawa has given its blessing to the sale of properties: z3 h+ \. u2 l3 q: S; A
owned by Athabasca Oil Sands Corp. to a Chinese company.
( p! A/ a% @" e& ^2 G5 ] Federal Industry Minister Tony Clement says he has reviewed the& \' H( v% |3 p
deal between Athabasca and PetroChina International Investment Co.3 I, `1 R9 b3 {7 c
Ltd. and finds its is likely to be of net benefit to Canada.; Q6 T, b; ~' r8 Z c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, f0 q9 x- ?6 I* D
made a number of significant commitments should they be allowed to) B: z' Q( B# z* U1 ]" j% {/ _
acquire control of the MacKay and Dover oil sands projects.
) o" p7 W* f7 p/ B6 ~ Among other things, the Chinese concerns have agreed to capital! ?' |6 I+ \9 v* l/ ?& K! c# Y
expenditures in excess of $250 million for developing the properties0 ?9 y7 ^ u" M3 D* S
over the next three years.
2 X! ]; F5 G$ Q5 X They have also pledged to increase employment levels in Canada as
$ ^ ]8 c; ^% J" {they develop the projects over the next three years and to maintain
6 F, j' z8 l; Oan Alberta head office for operating companies associated with the
" J$ A2 p* v! d8 t6 Zprojects for the next five years.
1 W7 q; }, h" V9 K/ m (The Canadian Press) |
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