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OTTAWA - Ottawa has given its blessing to the sale of properties
7 i$ C2 D! e( [4 i9 j# Kowned by Athabasca Oil Sands Corp. to a Chinese company.' v) ~) U0 P4 |, v8 U/ m1 Y* X
Federal Industry Minister Tony Clement says he has reviewed the
6 o+ V1 W' T- V, w6 J- rdeal between Athabasca and PetroChina International Investment Co.- _6 D2 f! `; k# Z
Ltd. and finds its is likely to be of net benefit to Canada.9 n' c; N- E4 F& r5 E
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ M1 s* D9 t! r) @made a number of significant commitments should they be allowed to! ?0 ?- d5 x; x/ [/ N* a2 u
acquire control of the MacKay and Dover oil sands projects./ o9 w+ W0 ]+ b
Among other things, the Chinese concerns have agreed to capital! S5 b; ^' u i1 V
expenditures in excess of $250 million for developing the properties. N$ x) J& ]2 o3 ~! P% X
over the next three years.1 ~0 L" g1 O4 g# F- h7 P! v
They have also pledged to increase employment levels in Canada as
' m( E8 O, M/ u( s$ `. d5 vthey develop the projects over the next three years and to maintain
+ N6 R: t" W" b' i* s! Lan Alberta head office for operating companies associated with the
5 F) V/ a4 }# b" O8 a. J( r- vprojects for the next five years.
# l& u& E, [3 T! U5 r0 b! \ (The Canadian Press) |
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