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OTTAWA - Ottawa has given its blessing to the sale of properties, b O: ~% S5 q9 i8 F4 [9 x
owned by Athabasca Oil Sands Corp. to a Chinese company.
0 h/ @9 A: O. e; T: y2 Y2 D Federal Industry Minister Tony Clement says he has reviewed the
; m' o4 m: l6 u. s1 \4 U$ g" c5 \deal between Athabasca and PetroChina International Investment Co.( y( x* n L" q5 a+ G$ L
Ltd. and finds its is likely to be of net benefit to Canada.
6 L2 \- r7 {/ \ @! n# L% L0 M# G Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 ?: ~1 w/ l3 Q5 L7 S' U8 T
made a number of significant commitments should they be allowed to1 f) e3 I' A: k9 G$ f B+ G1 n' B* ?0 R
acquire control of the MacKay and Dover oil sands projects.- f" R/ @7 r( \; h& W8 l% V+ l
Among other things, the Chinese concerns have agreed to capital/ q* b6 T/ e. r/ n/ ]' r" v
expenditures in excess of $250 million for developing the properties, \9 C0 |9 J# j+ N0 D/ P
over the next three years.
0 K2 C" h5 v1 R" X6 q, E They have also pledged to increase employment levels in Canada as3 {! Y5 |5 X9 S& Q: [, _7 t
they develop the projects over the next three years and to maintain
# y# x7 ]7 _ v! W& L4 tan Alberta head office for operating companies associated with the5 T$ E" o1 x6 A. i* S7 K
projects for the next five years./ x* W$ ]6 F1 K0 @: R" c2 l* {
(The Canadian Press) |
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