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OTTAWA - Ottawa has given its blessing to the sale of properties& u6 J; a! L" i. [5 Y% L, S
owned by Athabasca Oil Sands Corp. to a Chinese company.& y! ^- U- R: q8 g, d
Federal Industry Minister Tony Clement says he has reviewed the7 O6 q" T. M1 r. e! |
deal between Athabasca and PetroChina International Investment Co.
- F$ Z* H6 J% o0 bLtd. and finds its is likely to be of net benefit to Canada. W5 g' i/ l* I6 `: W+ }
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. H! G' V. o+ h
made a number of significant commitments should they be allowed to( d, h3 W1 U. x( `% `
acquire control of the MacKay and Dover oil sands projects.
* b+ h( h. L8 h. m9 M Among other things, the Chinese concerns have agreed to capital8 |0 l+ l9 F& C" C9 {$ k
expenditures in excess of $250 million for developing the properties2 C4 F J& {0 S
over the next three years.: ~8 ^7 G0 V" I4 ?( N; v' f
They have also pledged to increase employment levels in Canada as
/ o/ q" @- R7 m+ kthey develop the projects over the next three years and to maintain
! b+ W+ c( r+ r' M3 m9 lan Alberta head office for operating companies associated with the
* q6 c# s Y" N3 u' D0 ^projects for the next five years.
4 o! ~! Q$ i- m( t) M1 J (The Canadian Press) |
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