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OTTAWA - Ottawa has given its blessing to the sale of properties
" ]6 h# F* y% Kowned by Athabasca Oil Sands Corp. to a Chinese company.
! y* ^; D5 _. D% ]& [ Federal Industry Minister Tony Clement says he has reviewed the9 P# {4 x8 |) S6 @
deal between Athabasca and PetroChina International Investment Co.) D) L0 G1 b7 g" D* U/ m
Ltd. and finds its is likely to be of net benefit to Canada.* q2 {3 u7 ] ^/ z) ]* E/ w
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 M0 F5 z6 t2 E6 ?
made a number of significant commitments should they be allowed to* n/ {+ b$ c6 d; v
acquire control of the MacKay and Dover oil sands projects.
- |7 e: a' q3 L; B, K+ @$ u Among other things, the Chinese concerns have agreed to capital! R" K# B5 }+ u
expenditures in excess of $250 million for developing the properties
' \! d' q% W7 N8 N* U- P; [over the next three years.
$ j9 c& P' m* L They have also pledged to increase employment levels in Canada as
. Z: N- @( A' q9 ithey develop the projects over the next three years and to maintain, x b6 a, c6 ~4 g9 ?0 I* V5 D& j
an Alberta head office for operating companies associated with the" G) r, L8 P2 D$ u p" d
projects for the next five years.
& `/ @' I1 l$ }9 O/ J9 w6 W (The Canadian Press) |
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