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OTTAWA - Ottawa has given its blessing to the sale of properties* k8 ?/ b( z2 W1 F
owned by Athabasca Oil Sands Corp. to a Chinese company.% W/ W# _. N( ~5 t3 ?% k5 D0 y' O" G: M
Federal Industry Minister Tony Clement says he has reviewed the
, a$ s2 m# Y3 Z; t( odeal between Athabasca and PetroChina International Investment Co.
' T9 G/ r, R( g8 @$ } s" o4 f) ULtd. and finds its is likely to be of net benefit to Canada.8 z2 w2 c1 n( r4 r$ Q) y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' k1 R+ l) {" i" i9 ?
made a number of significant commitments should they be allowed to
" X- u. O. m% a8 i3 N- ?, `: `/ lacquire control of the MacKay and Dover oil sands projects.8 W# M) G; i( h+ L. J! A
Among other things, the Chinese concerns have agreed to capital
! j% S) N, D p" k% Nexpenditures in excess of $250 million for developing the properties+ ^' q$ ^9 {' K. y* p
over the next three years.
0 Q4 R' V9 d1 B0 p" n They have also pledged to increase employment levels in Canada as' d1 C0 ^& z2 {; ^" N/ y
they develop the projects over the next three years and to maintain. P: e3 U6 \ N9 l+ N
an Alberta head office for operating companies associated with the
# J5 ^( N$ z) jprojects for the next five years." i0 {* u5 D, B. O) ^) z3 {
(The Canadian Press) |
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