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OTTAWA - Ottawa has given its blessing to the sale of properties
( C6 U+ d. {/ r7 yowned by Athabasca Oil Sands Corp. to a Chinese company.
( \, h, z0 |6 \4 ~4 z( } Federal Industry Minister Tony Clement says he has reviewed the
. \ N+ l, ?3 |" g: [$ y y* Edeal between Athabasca and PetroChina International Investment Co.
: O- h6 k& o, yLtd. and finds its is likely to be of net benefit to Canada." |9 V) g9 M6 g8 F$ c) u
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) {% f4 q' O$ T" E! t4 \" q
made a number of significant commitments should they be allowed to
- H- t( \ s. I8 N4 wacquire control of the MacKay and Dover oil sands projects., ~1 s/ q) h3 V; W
Among other things, the Chinese concerns have agreed to capital
" R: e; F: \; j5 F* O: Jexpenditures in excess of $250 million for developing the properties
+ Y# Y4 v( Z' Q1 D- R0 G% Kover the next three years.1 e9 q7 K" X7 A$ D+ |
They have also pledged to increase employment levels in Canada as$ @; ]% M1 Y7 R- j0 E/ k3 V" h
they develop the projects over the next three years and to maintain* [2 b7 [+ x( Q. M+ w
an Alberta head office for operating companies associated with the
1 k6 J" h7 M* M9 pprojects for the next five years.6 p* n! w* r) \6 I+ O0 W! `
(The Canadian Press) |
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