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OTTAWA - Ottawa has given its blessing to the sale of properties
! \% A! T- p. v$ L, a0 sowned by Athabasca Oil Sands Corp. to a Chinese company.
0 z* V2 N8 A4 l; z4 F9 |! G Federal Industry Minister Tony Clement says he has reviewed the/ ]: x P& ^5 a& B7 A
deal between Athabasca and PetroChina International Investment Co. Q3 }7 A6 `6 k
Ltd. and finds its is likely to be of net benefit to Canada.
/ z" n* p* ~, b0 m Clement says PetroChina and its parent, PetroChina Co. Ltd., have! D' c* w. M9 h. F/ H
made a number of significant commitments should they be allowed to/ D! p6 q9 r6 }; U/ p6 D
acquire control of the MacKay and Dover oil sands projects.
. D+ a6 B8 q( i Among other things, the Chinese concerns have agreed to capital
5 D: ^/ K- B6 o: C, g0 Texpenditures in excess of $250 million for developing the properties
/ j* o' {( s$ L2 u+ M3 P5 C8 l$ ]over the next three years.
5 V/ M& [5 c- k) w, L- o They have also pledged to increase employment levels in Canada as
% h- K8 k+ R5 a8 C) ithey develop the projects over the next three years and to maintain: x' B& D5 }& a& X+ w2 c8 @3 D
an Alberta head office for operating companies associated with the
1 X, R7 c. z* q# ~' C+ Jprojects for the next five years.
X4 h. z) a. ~ (The Canadian Press) |
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