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OTTAWA - Ottawa has given its blessing to the sale of properties, g) p- Y: v* }5 z3 Q4 [
owned by Athabasca Oil Sands Corp. to a Chinese company.
! o/ {6 w- ^7 U" O, ~9 g' v3 T+ |4 ? Federal Industry Minister Tony Clement says he has reviewed the
' N3 W& _6 @, Jdeal between Athabasca and PetroChina International Investment Co.; m d: t9 @( {" F$ ~8 F* p
Ltd. and finds its is likely to be of net benefit to Canada.$ y U, l8 ~' U* l( |! d
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: F4 m. J; B; Z1 W. I' T
made a number of significant commitments should they be allowed to+ f4 k) G; B" K, N9 ]
acquire control of the MacKay and Dover oil sands projects.' l! o% x( V; W. o- y" P
Among other things, the Chinese concerns have agreed to capital* ~" O, X. U8 U; N, S4 @7 L
expenditures in excess of $250 million for developing the properties: H0 R3 E3 z+ e4 E6 X+ [
over the next three years.
/ t7 o" G: X6 F- k6 t( Y6 m# t They have also pledged to increase employment levels in Canada as% d2 D* W3 s0 o# N
they develop the projects over the next three years and to maintain# B3 f# \* I# V$ b/ c
an Alberta head office for operating companies associated with the6 B- X7 B' S$ V! F* `- ]. ]
projects for the next five years.7 G" @3 {( m& k. Z4 L3 x
(The Canadian Press) |
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