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OTTAWA - Ottawa has given its blessing to the sale of properties: ]/ _1 u' a: A! y4 l7 y7 X
owned by Athabasca Oil Sands Corp. to a Chinese company., s2 @* A5 o" K9 q4 ^$ C
Federal Industry Minister Tony Clement says he has reviewed the
5 y3 U4 O6 [9 o, O+ E( n" g3 udeal between Athabasca and PetroChina International Investment Co.
2 W! U- o6 m) ^' B {+ DLtd. and finds its is likely to be of net benefit to Canada.6 M" X; I' }7 d8 W0 Z1 |$ W" n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 j [0 O6 A/ amade a number of significant commitments should they be allowed to0 k7 K& i2 X( M' ~% t6 Q0 B0 ^
acquire control of the MacKay and Dover oil sands projects.: [6 M4 q& X( E2 p, U# R4 y$ S( W
Among other things, the Chinese concerns have agreed to capital
* z& P# K* T6 }; d# r8 Z: m: Iexpenditures in excess of $250 million for developing the properties5 o$ z$ B% e& m
over the next three years.5 O* {1 J; I( ?
They have also pledged to increase employment levels in Canada as
2 u2 J( `# O+ s/ M: h+ V$ Qthey develop the projects over the next three years and to maintain
# E% a% V d+ M1 yan Alberta head office for operating companies associated with the
& \% r1 w, Z9 t% S2 i) C1 q" _projects for the next five years.
* [6 ^- K9 r0 }8 e (The Canadian Press) |
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