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OTTAWA - Ottawa has given its blessing to the sale of properties
" V4 p8 O1 F, b! Q6 G5 l5 D0 @! jowned by Athabasca Oil Sands Corp. to a Chinese company.2 D- [9 d% \/ K6 h
Federal Industry Minister Tony Clement says he has reviewed the
" J& z7 W+ K3 N' j# V/ d0 e; Odeal between Athabasca and PetroChina International Investment Co.
$ r& r+ y! F3 N* q6 _2 l8 ?3 DLtd. and finds its is likely to be of net benefit to Canada., `/ {1 q' ^% q
Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 e8 p! o1 M8 L/ x7 q
made a number of significant commitments should they be allowed to
- H( b' j" \ Y2 k" N) hacquire control of the MacKay and Dover oil sands projects.
4 m+ | b7 t y: A Among other things, the Chinese concerns have agreed to capital
6 [ G. ]* H; C6 L T2 d' ]3 C. ^expenditures in excess of $250 million for developing the properties2 @4 |7 c, S0 B* v6 D2 R/ E
over the next three years.
' D+ s. I. O4 J! x: e6 N# c1 Q3 D They have also pledged to increase employment levels in Canada as4 Y3 f c9 c1 j8 N% i. g `7 o
they develop the projects over the next three years and to maintain
" q9 z! V3 v3 B" k! lan Alberta head office for operating companies associated with the
6 V/ a* b3 s" x# T, {projects for the next five years.' l3 h0 H; { r5 R
(The Canadian Press) |
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