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OTTAWA - Ottawa has given its blessing to the sale of properties5 n* A: x5 s8 w r9 D7 e3 g3 N+ k
owned by Athabasca Oil Sands Corp. to a Chinese company./ u4 Y1 d9 m+ I6 s' s2 t9 i) W5 E$ s
Federal Industry Minister Tony Clement says he has reviewed the
$ ~7 R/ \! L3 c3 @% C5 r+ qdeal between Athabasca and PetroChina International Investment Co.
8 D' Y, \+ l( F! b1 }$ \Ltd. and finds its is likely to be of net benefit to Canada.
1 K. \, P6 w6 e$ k Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 {' Y' [! q1 R# d2 O, Xmade a number of significant commitments should they be allowed to
% c2 l1 _& g: M4 h5 u- l# R2 e3 A* U9 h9 `acquire control of the MacKay and Dover oil sands projects.. c) o- w; A! @! S$ m* R1 k# ]; t
Among other things, the Chinese concerns have agreed to capital
8 ?5 Y) g+ S: i' g# {- Vexpenditures in excess of $250 million for developing the properties
9 X$ x9 B, \# p& jover the next three years.
4 G. r; t4 j6 `3 x) E( p# u( ` They have also pledged to increase employment levels in Canada as
4 P7 D( X) t' T, M0 Mthey develop the projects over the next three years and to maintain: c2 q5 v) }/ c
an Alberta head office for operating companies associated with the% n& D$ b; e; Y9 F
projects for the next five years. c9 Q( n* F7 v1 F: y, |3 R$ U1 t
(The Canadian Press) |
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