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OTTAWA - Ottawa has given its blessing to the sale of properties
8 v/ u2 R, J- b1 K8 N8 b* K" aowned by Athabasca Oil Sands Corp. to a Chinese company.
& f* R5 z( I$ r$ W. r' a1 { Federal Industry Minister Tony Clement says he has reviewed the" R( Q; f- i/ z* M
deal between Athabasca and PetroChina International Investment Co.
Y) o/ c( F, o! n5 SLtd. and finds its is likely to be of net benefit to Canada.
( }1 _4 n8 h0 X5 D! I& T2 j Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: v8 y$ e+ ?% M& X6 R7 O! Dmade a number of significant commitments should they be allowed to) F7 p4 z6 ~/ T1 I8 O5 Q9 l8 a9 a
acquire control of the MacKay and Dover oil sands projects.0 r1 P& ^* S# Z) {4 Y
Among other things, the Chinese concerns have agreed to capital4 z. J7 G |+ D2 S: x0 a
expenditures in excess of $250 million for developing the properties& f4 D T! Q+ P- X$ z7 W g2 U
over the next three years.
3 Y& N$ r" ~6 y) @* M+ ^9 [; s+ d They have also pledged to increase employment levels in Canada as1 F4 u" h5 z2 Z
they develop the projects over the next three years and to maintain
( Q; m! L1 M ^' I; \an Alberta head office for operating companies associated with the
& _% p( l; X9 ^5 ` d3 sprojects for the next five years., t9 y& ^, ^; H" C6 j, `' I# i3 Y
(The Canadian Press) |
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