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OTTAWA - Ottawa has given its blessing to the sale of properties
) g' ?& x- V# Y! W* s0 towned by Athabasca Oil Sands Corp. to a Chinese company.
: ?& m; K, o5 {- E' F" A9 T0 g Federal Industry Minister Tony Clement says he has reviewed the
/ ^# p0 a' b4 Z. `4 l Ydeal between Athabasca and PetroChina International Investment Co." Y! g* p" r% k3 d- ?3 [, [
Ltd. and finds its is likely to be of net benefit to Canada.6 S0 K+ M) ]8 x5 z, _/ e! Y: @7 B
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 z4 e+ Y8 M1 D/ _1 jmade a number of significant commitments should they be allowed to
8 G/ w6 I2 h; I, R3 sacquire control of the MacKay and Dover oil sands projects.
' Y" T- c1 l0 T& y2 c2 Q# L Among other things, the Chinese concerns have agreed to capital. `/ K0 J8 d7 ^" b9 l) `
expenditures in excess of $250 million for developing the properties- T$ {# S# `# k$ I4 Q" D
over the next three years.+ d. ~7 s$ |# J3 v! W; Z
They have also pledged to increase employment levels in Canada as
3 v7 e# ^! G5 C% j- F1 Ithey develop the projects over the next three years and to maintain
3 B. t. h" L5 i- `an Alberta head office for operating companies associated with the- P: f1 `, w+ M" d
projects for the next five years.6 a4 D6 S, a$ v* W5 q4 C- U% f7 E
(The Canadian Press) |
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