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OTTAWA - Ottawa has given its blessing to the sale of properties
G$ J8 p' v* |" }. P- kowned by Athabasca Oil Sands Corp. to a Chinese company.3 Y) y! X4 P% U* `% u) J4 Y
Federal Industry Minister Tony Clement says he has reviewed the
' e2 M$ }' _. Ldeal between Athabasca and PetroChina International Investment Co.
, N( c7 Z$ B9 B6 J; @Ltd. and finds its is likely to be of net benefit to Canada.( R9 e5 U4 h1 n6 U4 R+ _. | k5 o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 D7 G; H7 ]4 E% R7 W3 Xmade a number of significant commitments should they be allowed to4 Q9 I( r' o! B! o" h, |
acquire control of the MacKay and Dover oil sands projects.
. b B! b) x' H* I# G; ~3 V) O Among other things, the Chinese concerns have agreed to capital# z6 r/ i7 g4 G
expenditures in excess of $250 million for developing the properties
0 I* n, _2 x/ [over the next three years.( s: B" K- Z1 J! Z: Z
They have also pledged to increase employment levels in Canada as
% h9 V* [7 B c6 k2 I% Gthey develop the projects over the next three years and to maintain% g9 X/ R/ V" K5 R- R/ H: \! G! f
an Alberta head office for operating companies associated with the
$ d) v1 f+ ]& o8 C+ Zprojects for the next five years.
) c7 X8 o" M0 w( R$ [5 q0 ` (The Canadian Press) |
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