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OTTAWA - Ottawa has given its blessing to the sale of properties5 s% x4 p6 @9 K4 l3 B5 K
owned by Athabasca Oil Sands Corp. to a Chinese company.# C- a4 c1 j, Q/ f+ ?" W. r
Federal Industry Minister Tony Clement says he has reviewed the
" {4 U8 ?" n5 \0 k/ ~; ^8 B% [deal between Athabasca and PetroChina International Investment Co.; h1 Y) x3 N0 X' k
Ltd. and finds its is likely to be of net benefit to Canada.6 V, C4 G+ C) C5 K7 @" {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. R$ H1 `9 X" c; W; B" {
made a number of significant commitments should they be allowed to9 o1 D6 C; ?! k
acquire control of the MacKay and Dover oil sands projects.
& n0 U2 t" a) ^& U+ {# |2 E) { Among other things, the Chinese concerns have agreed to capital; M3 Z5 z p& Z9 }1 {
expenditures in excess of $250 million for developing the properties
( t0 Y$ b( i- V0 v7 ?8 k! {; f; Vover the next three years.: d4 L; P' i. G. [; K3 @4 a4 W
They have also pledged to increase employment levels in Canada as
0 o" k( b* f- i" ?. x1 Athey develop the projects over the next three years and to maintain4 {( D3 x K- a$ Q6 J
an Alberta head office for operating companies associated with the
) y' j9 F) |6 H4 ~projects for the next five years.
7 v* g6 r& u @* m0 w' M/ | (The Canadian Press) |
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