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OTTAWA - Ottawa has given its blessing to the sale of properties# B" }* w* Y% f8 p( A: y& S
owned by Athabasca Oil Sands Corp. to a Chinese company.# x$ ]6 y( y- G) `8 T/ h
Federal Industry Minister Tony Clement says he has reviewed the
3 c6 Q7 c, G8 O9 u; cdeal between Athabasca and PetroChina International Investment Co.- Y: q8 J0 S6 w N @9 z7 r
Ltd. and finds its is likely to be of net benefit to Canada.
+ o% y0 T! W+ C: d; ?6 o Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 d( s: j' p5 |6 F' C3 Kmade a number of significant commitments should they be allowed to1 C( i9 Z# [# M
acquire control of the MacKay and Dover oil sands projects.0 `* |8 @2 o- W0 t( u
Among other things, the Chinese concerns have agreed to capital( v) p& y* U4 h* t, @: t8 O
expenditures in excess of $250 million for developing the properties
9 s7 D2 F8 O* f0 n1 N( x, Yover the next three years.; X! M0 Q/ c% H# b! Z4 ~4 }: ~- c: N
They have also pledged to increase employment levels in Canada as" u' _$ j+ V9 b& T* q' O+ h
they develop the projects over the next three years and to maintain% S3 B& v' H* N0 r% M
an Alberta head office for operating companies associated with the
( k) z; F8 x# N. ~' h1 Hprojects for the next five years." o. `" L- X$ D, h7 J( h
(The Canadian Press) |
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