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OTTAWA - Ottawa has given its blessing to the sale of properties- \8 b! z5 I0 J# s- Y! j4 m
owned by Athabasca Oil Sands Corp. to a Chinese company.
! F" X) T" T0 M6 ?' W- v Federal Industry Minister Tony Clement says he has reviewed the8 Z- ~. _( O) ~
deal between Athabasca and PetroChina International Investment Co.- P% t* v' m" O6 R8 y2 g
Ltd. and finds its is likely to be of net benefit to Canada.
3 x$ l0 R y; e& A Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 Q* \( G2 q4 u% E# ?
made a number of significant commitments should they be allowed to
7 y) F- E( K: |: D- g8 xacquire control of the MacKay and Dover oil sands projects.8 i1 n' g( u" d; T
Among other things, the Chinese concerns have agreed to capital
( k4 J+ e. C1 M1 aexpenditures in excess of $250 million for developing the properties
; z) j4 w& \2 {) Pover the next three years.
1 w. J: T, @0 f They have also pledged to increase employment levels in Canada as
2 x+ x, r" I: X6 Jthey develop the projects over the next three years and to maintain
, m/ L7 Y' i/ B: V' ]an Alberta head office for operating companies associated with the
0 I. [# V) X3 G0 N2 sprojects for the next five years.; x. L( t8 b r
(The Canadian Press) |
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