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OTTAWA - Ottawa has given its blessing to the sale of properties
/ `% E/ X1 o1 @. Zowned by Athabasca Oil Sands Corp. to a Chinese company.
: G/ R- |7 U" G7 S Federal Industry Minister Tony Clement says he has reviewed the
4 e& L5 ?4 [/ R0 E2 P. l* Bdeal between Athabasca and PetroChina International Investment Co.3 }) R- l7 H, p) N
Ltd. and finds its is likely to be of net benefit to Canada.
+ r% Y- u; o' H! Z$ U1 S9 o Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 u1 ^5 E+ ~5 T9 F* F+ R( X; Xmade a number of significant commitments should they be allowed to
- P9 Z' \5 z- I% \. D( Y9 Facquire control of the MacKay and Dover oil sands projects.) i2 H, N0 f) ~# r3 I
Among other things, the Chinese concerns have agreed to capital
% [# K/ n% ^' h& J+ ^expenditures in excess of $250 million for developing the properties9 S* Q6 N: u0 ?7 z& N/ W6 E4 L
over the next three years.
6 ^! f4 W' E' A, ^6 G' z3 n They have also pledged to increase employment levels in Canada as
* v0 p& A- T! `# x* j: C! G% Tthey develop the projects over the next three years and to maintain0 q% g: J4 n& A( }
an Alberta head office for operating companies associated with the
~2 z- ^8 c6 q9 Q' y7 |projects for the next five years.
( l5 [) T3 P8 K5 ^/ x& g (The Canadian Press) |
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