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OTTAWA - Ottawa has given its blessing to the sale of properties, R# F9 E9 ^, C7 K. p# x/ ]" J9 y
owned by Athabasca Oil Sands Corp. to a Chinese company.( _) u1 \6 e; }0 r
Federal Industry Minister Tony Clement says he has reviewed the
/ p8 C. G) O/ }2 Ndeal between Athabasca and PetroChina International Investment Co.
' I7 b' Q# w$ H8 C8 @Ltd. and finds its is likely to be of net benefit to Canada.
! K4 n8 u' D- f4 e7 ^! n5 e1 H Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- w6 _; F. y) D/ ^& omade a number of significant commitments should they be allowed to6 B) i, q6 I2 `2 N- S
acquire control of the MacKay and Dover oil sands projects.
$ p$ j! G4 t1 r* d% Q( ? Among other things, the Chinese concerns have agreed to capital
! i" \' T0 t0 \5 Q6 kexpenditures in excess of $250 million for developing the properties
7 L, K/ w+ E6 i3 cover the next three years.
# I+ L) F0 e, w9 _ They have also pledged to increase employment levels in Canada as. r- m# E- Q5 A7 D1 R- Y5 E
they develop the projects over the next three years and to maintain
0 z; b6 x# g7 H8 w3 e% ]" W, Van Alberta head office for operating companies associated with the7 t4 v% B% y2 f7 b7 O6 D
projects for the next five years.
7 z$ u8 w. ^ p (The Canadian Press) |
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