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OTTAWA - Ottawa has given its blessing to the sale of properties
7 m4 E9 Q* _& U+ n: [! s1 fowned by Athabasca Oil Sands Corp. to a Chinese company.
3 z$ e; } d3 S4 p Federal Industry Minister Tony Clement says he has reviewed the; {6 f& I, T+ ~2 e ]: L
deal between Athabasca and PetroChina International Investment Co.
! r3 P% ~ m$ ]) j( L% U" |Ltd. and finds its is likely to be of net benefit to Canada.
7 s# {, D; H5 W( H) _6 b/ \7 t/ h0 O Clement says PetroChina and its parent, PetroChina Co. Ltd., have. q. E% c; k6 M3 q b1 u
made a number of significant commitments should they be allowed to: A y& g; z. s: j3 v& C+ A
acquire control of the MacKay and Dover oil sands projects.
$ G" ^6 u( n- Z$ L& e) p, ^ Among other things, the Chinese concerns have agreed to capital
4 ^0 R4 a% i6 U6 @expenditures in excess of $250 million for developing the properties6 _% S4 k" M0 U
over the next three years.5 B* @% t% t; ^: O7 {! b: E, Q
They have also pledged to increase employment levels in Canada as4 o K, Z o! u
they develop the projects over the next three years and to maintain
O6 \8 K$ X. c5 j S1 s. xan Alberta head office for operating companies associated with the3 ]1 e& h* y- U& a( O0 Z
projects for the next five years.
E" a" c: B7 G f0 P& r (The Canadian Press) |
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