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OTTAWA - Ottawa has given its blessing to the sale of properties
8 G+ ^& U, c8 i) O& k) lowned by Athabasca Oil Sands Corp. to a Chinese company.! ]* `* q7 a3 I
Federal Industry Minister Tony Clement says he has reviewed the* R3 F! P* L$ {, Z
deal between Athabasca and PetroChina International Investment Co.' _; p( r% q1 R9 k
Ltd. and finds its is likely to be of net benefit to Canada.
, Y7 l. p" I" Y( \; N- [) B Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& |6 Q- F. [7 cmade a number of significant commitments should they be allowed to
+ ]0 w7 R% `2 R+ @acquire control of the MacKay and Dover oil sands projects.# D0 m+ `1 w7 H
Among other things, the Chinese concerns have agreed to capital
/ V7 c. D$ y- C) X* y Q% T/ Y+ u' Kexpenditures in excess of $250 million for developing the properties
! J( u% q3 t/ N& aover the next three years." Y7 `, V8 M; }
They have also pledged to increase employment levels in Canada as I) J0 e2 w, h3 u, [1 M) {$ q
they develop the projects over the next three years and to maintain1 p; n9 ]5 j# X9 u4 R% u! U
an Alberta head office for operating companies associated with the0 h% }) v- A: B, N4 q* x
projects for the next five years.
0 x v0 D2 U/ c6 j. c$ r (The Canadian Press) |
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