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OTTAWA - Ottawa has given its blessing to the sale of properties5 ~, G/ [8 ?$ _. N: j
owned by Athabasca Oil Sands Corp. to a Chinese company.4 G& w* w) k% H- p; C2 E3 t I" |
Federal Industry Minister Tony Clement says he has reviewed the
: N6 e" Z( M& l+ g1 v6 A! y: I( d1 Jdeal between Athabasca and PetroChina International Investment Co.
D7 a# e9 v' ]" G/ L6 p) `Ltd. and finds its is likely to be of net benefit to Canada.
# @7 W# i7 J6 K% e! P, m Clement says PetroChina and its parent, PetroChina Co. Ltd., have& W- D# Y5 v/ k$ l" G K
made a number of significant commitments should they be allowed to
9 H" ]. C2 K7 i8 V( X$ l( Vacquire control of the MacKay and Dover oil sands projects.9 K2 i- X8 o" Y! W9 d g$ }
Among other things, the Chinese concerns have agreed to capital
. X; e% i5 K5 H! \, rexpenditures in excess of $250 million for developing the properties
$ P1 a, B5 p) G2 M- A# u6 \ mover the next three years.
2 h s( X! P; @# ^5 C They have also pledged to increase employment levels in Canada as+ t7 r: ^: [1 y8 `0 f+ s
they develop the projects over the next three years and to maintain+ M6 R' y+ f" @5 K6 C
an Alberta head office for operating companies associated with the# l* p: h' M4 ?$ b8 ?) N; G/ m
projects for the next five years., w7 X& e# n' ]# B$ [' W/ ^
(The Canadian Press) |
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