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OTTAWA - Ottawa has given its blessing to the sale of properties& T- y0 W" K: W* v) w: z2 E$ |
owned by Athabasca Oil Sands Corp. to a Chinese company.7 u# Y- B+ Z' }( B
Federal Industry Minister Tony Clement says he has reviewed the" @/ `# `9 R" v0 o7 B* t6 B
deal between Athabasca and PetroChina International Investment Co.
7 W% Q. Q# [, y) o7 v. I4 A- p- MLtd. and finds its is likely to be of net benefit to Canada.
2 S$ e4 M3 k+ F' I: n4 N2 a" V Clement says PetroChina and its parent, PetroChina Co. Ltd., have
/ c0 e& C" H* F+ H e! V2 [( t; @3 x1 rmade a number of significant commitments should they be allowed to! ?4 |: I& }- }* |: _
acquire control of the MacKay and Dover oil sands projects.; ]- r. {. x: S- P% b
Among other things, the Chinese concerns have agreed to capital$ W& q* P4 o5 l1 ]# d
expenditures in excess of $250 million for developing the properties
i8 P$ r* P- k$ Tover the next three years.! h, y- [3 J0 c' [! d( {7 @; B
They have also pledged to increase employment levels in Canada as( u+ N3 G5 v H2 V) e
they develop the projects over the next three years and to maintain9 E+ l& Q6 j! e! Y/ d: ^/ |. v( {' T
an Alberta head office for operating companies associated with the
" c3 _) x2 J% u& x. x; [2 zprojects for the next five years.
( }" R% Y+ G$ ^" K1 J6 l" ~& I (The Canadian Press) |
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