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OTTAWA - Ottawa has given its blessing to the sale of properties
) u- b' r5 [0 l/ ]: {; V6 ~owned by Athabasca Oil Sands Corp. to a Chinese company.$ j) {( w$ D! D+ Z+ \, x( a. u5 |
Federal Industry Minister Tony Clement says he has reviewed the" W: V: d- [& A8 J2 C g& r F6 d
deal between Athabasca and PetroChina International Investment Co./ b4 G: T6 F |& P0 ?
Ltd. and finds its is likely to be of net benefit to Canada.4 H9 a$ n2 n4 S* e& w
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' Q3 ~* x; s, e/ }
made a number of significant commitments should they be allowed to
& w o! w3 B8 e/ r2 Facquire control of the MacKay and Dover oil sands projects.: F* I3 f" `* v* T8 u
Among other things, the Chinese concerns have agreed to capital* O6 r( [" ^" @' m6 Z
expenditures in excess of $250 million for developing the properties! V1 a) p7 G4 }; m' }' Q* Y
over the next three years.3 c2 y* \+ _( B+ k1 I1 p. O9 S
They have also pledged to increase employment levels in Canada as; ^- Y. R) m# v9 V {. b
they develop the projects over the next three years and to maintain
& H Q4 J( h v. tan Alberta head office for operating companies associated with the: I) Z z, s+ Y& ?" G$ `
projects for the next five years.
% p: [4 T( e1 R# n (The Canadian Press) |
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