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OTTAWA - Ottawa has given its blessing to the sale of properties
3 J" u9 R& Y2 Howned by Athabasca Oil Sands Corp. to a Chinese company.
# a- B& r( J5 X, G2 J Federal Industry Minister Tony Clement says he has reviewed the0 I) p' T$ N! `/ u! K! @' N- q% K# c
deal between Athabasca and PetroChina International Investment Co. X3 s2 b# f0 v4 u) R l! K6 m& B
Ltd. and finds its is likely to be of net benefit to Canada.
+ L& r; Y( i& [( ]. `" j# k Clement says PetroChina and its parent, PetroChina Co. Ltd., have d( e6 G. G" H1 c- J# D) h% a8 o
made a number of significant commitments should they be allowed to
G U# n+ L8 u+ [' Macquire control of the MacKay and Dover oil sands projects.
8 e* F7 { X. y# j3 r9 r5 y2 p: `! n- F) [ Among other things, the Chinese concerns have agreed to capital& t, t5 I1 ^4 v) a* [$ k
expenditures in excess of $250 million for developing the properties4 T; k/ m6 q- M9 L |- t
over the next three years.
3 _& u* V6 n" C; y% l, W They have also pledged to increase employment levels in Canada as
- R7 Z9 M4 g3 ~5 ?4 K5 X# X( x1 @: Jthey develop the projects over the next three years and to maintain
: ~/ ^9 R' e! E- c0 @2 R5 oan Alberta head office for operating companies associated with the
{( B& e, W% I. uprojects for the next five years.
3 ?4 X4 U( g0 I2 n$ p (The Canadian Press) |
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