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OTTAWA - Ottawa has given its blessing to the sale of properties
8 ]9 r* s- x; Y8 P: l# Y$ B, A/ _owned by Athabasca Oil Sands Corp. to a Chinese company.
& a0 Y$ H- A. s' M/ m. I, [& ?+ A Federal Industry Minister Tony Clement says he has reviewed the
1 P% N Z$ k' ^( p- m+ Wdeal between Athabasca and PetroChina International Investment Co.
8 x6 A V" @1 @$ E. S5 U& iLtd. and finds its is likely to be of net benefit to Canada.
! F. V% B: w v! P7 Z Clement says PetroChina and its parent, PetroChina Co. Ltd., have" p7 J- q& V6 A5 \
made a number of significant commitments should they be allowed to0 o, V/ S6 G! {! x- ]2 c
acquire control of the MacKay and Dover oil sands projects.4 F% @8 f1 U7 _1 R g6 b, v
Among other things, the Chinese concerns have agreed to capital+ r: ]; z1 l5 Z# q( }
expenditures in excess of $250 million for developing the properties
! p9 x5 }( O+ d* hover the next three years.
1 j9 W3 k( r& \' B7 I They have also pledged to increase employment levels in Canada as' i# a2 F8 n+ ]3 _( K
they develop the projects over the next three years and to maintain6 N; Y$ [9 c4 r
an Alberta head office for operating companies associated with the
9 q4 X, v5 V7 Oprojects for the next five years.3 Y* c0 E% Y5 w# k! ?5 W/ _
(The Canadian Press) |
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