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OTTAWA - Ottawa has given its blessing to the sale of properties3 c* {7 @" Y7 p n3 }# F' I3 S
owned by Athabasca Oil Sands Corp. to a Chinese company.
; h1 p+ |" E' q- @1 [$ E, |! q Federal Industry Minister Tony Clement says he has reviewed the; p/ D" V( w$ h# E( ]# b
deal between Athabasca and PetroChina International Investment Co.
$ E' d6 w& _$ dLtd. and finds its is likely to be of net benefit to Canada.' C2 W" c i+ D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
/ Z' ~% ?% P) i. Q' D z( o. u+ N9 umade a number of significant commitments should they be allowed to# o. y, q! i; F- N. r) i% r
acquire control of the MacKay and Dover oil sands projects.) Y( a8 k, y z/ K
Among other things, the Chinese concerns have agreed to capital
; {/ b& t- ^+ s+ L; T4 X) mexpenditures in excess of $250 million for developing the properties
+ n- O9 b. V( J' X$ {+ Jover the next three years.
8 m6 W4 I1 @. W* u6 s' R They have also pledged to increase employment levels in Canada as
1 N2 X3 s3 P& V$ J' ]+ Ethey develop the projects over the next three years and to maintain
5 w z# ?( [1 c- a. n9 _an Alberta head office for operating companies associated with the# |; j. F7 F/ t- G% T0 i" `4 b E
projects for the next five years.
& e( O7 q. f* @; v8 W: e (The Canadian Press) |
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