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OTTAWA - Ottawa has given its blessing to the sale of properties
; v7 W6 X! f9 ?* J- W' Iowned by Athabasca Oil Sands Corp. to a Chinese company.
$ s' Q9 r) ?, T, e Federal Industry Minister Tony Clement says he has reviewed the8 j1 Z. T; P! r P; @8 {* X
deal between Athabasca and PetroChina International Investment Co.
* U% f( ?* u9 `* A6 ?. T+ `Ltd. and finds its is likely to be of net benefit to Canada.
. E7 E/ ^0 \- S1 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have& e8 t, x, W# @3 u H- L" h7 T
made a number of significant commitments should they be allowed to
# I/ w( u2 t- I O) v& \$ n2 i7 u, Iacquire control of the MacKay and Dover oil sands projects.1 v# {- Q A/ Y+ Y8 S0 Q1 v
Among other things, the Chinese concerns have agreed to capital
; M: u# ^2 Q7 T; x: K1 ?expenditures in excess of $250 million for developing the properties
1 K( \* S+ t$ |) z- d0 g( hover the next three years.
/ a0 a8 F c9 s5 R They have also pledged to increase employment levels in Canada as; j, I) R& I8 \2 j& W+ ?& q7 \
they develop the projects over the next three years and to maintain
9 s- ^" E, N9 ?* \an Alberta head office for operating companies associated with the/ H- M4 l& x' ^: o# P1 D
projects for the next five years.
# y q i' z' M. m( N6 O (The Canadian Press) |
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