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OTTAWA - Ottawa has given its blessing to the sale of properties m) s) P5 a4 `% V0 W
owned by Athabasca Oil Sands Corp. to a Chinese company.( U& w: Z7 ?/ j" s% W& H6 B2 E& z! v
Federal Industry Minister Tony Clement says he has reviewed the0 |) R! e4 w& Y, x6 p$ {' d" j# M
deal between Athabasca and PetroChina International Investment Co.# k6 c3 h# O/ q p
Ltd. and finds its is likely to be of net benefit to Canada.* j( ^- P' A$ m
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. N) K# r, V4 O, S" R( `) Tmade a number of significant commitments should they be allowed to
* {6 k5 O7 k" wacquire control of the MacKay and Dover oil sands projects.
* F" y, \8 F. k$ @3 T Among other things, the Chinese concerns have agreed to capital( J0 X( R+ i0 E+ X! i
expenditures in excess of $250 million for developing the properties0 P3 Z c" p6 ?- e+ i1 e1 {/ d- t
over the next three years.) w/ i5 E. h4 p2 K3 d4 c
They have also pledged to increase employment levels in Canada as6 p; W& p4 l* C0 j9 Q1 p
they develop the projects over the next three years and to maintain, g) m4 @( K; @2 U. d5 @3 v
an Alberta head office for operating companies associated with the
. m1 Z; g5 o* t. Q/ iprojects for the next five years.) k8 V) q$ x, l) }* B
(The Canadian Press) |
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