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OTTAWA - Ottawa has given its blessing to the sale of properties
, x* ~, z2 P/ D2 j9 y& i7 qowned by Athabasca Oil Sands Corp. to a Chinese company.( d8 h! S1 q4 i6 X
Federal Industry Minister Tony Clement says he has reviewed the7 ]0 E3 r1 \8 |
deal between Athabasca and PetroChina International Investment Co.7 S; Y8 t, F" Q
Ltd. and finds its is likely to be of net benefit to Canada.4 ]1 u) Z) r( l8 N9 ] ^+ t+ H
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- [' y+ f T4 K3 Zmade a number of significant commitments should they be allowed to
. p) [3 y( J" q' a5 D& u* C' yacquire control of the MacKay and Dover oil sands projects.
; A/ h4 o6 s2 z" P& x1 r Among other things, the Chinese concerns have agreed to capital
3 E; ?: A; j) s( Yexpenditures in excess of $250 million for developing the properties4 }4 g: e7 ~+ |$ T4 x% v
over the next three years.
* w9 c$ _6 R {7 ^ z+ }" U3 K They have also pledged to increase employment levels in Canada as
8 N, [# C/ ?- p) G- R( Lthey develop the projects over the next three years and to maintain
0 j! Y; q A8 ]: ^$ L# h' o% U! Kan Alberta head office for operating companies associated with the2 o- x" c. `1 w" Z6 I
projects for the next five years.
+ ^5 \% g3 I/ L0 H9 q/ m" a (The Canadian Press) |
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