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OTTAWA - Ottawa has given its blessing to the sale of properties5 P s0 L) `/ [4 z
owned by Athabasca Oil Sands Corp. to a Chinese company.
5 W r# E2 S( C2 L Federal Industry Minister Tony Clement says he has reviewed the
, t4 L# J7 {; i- S; qdeal between Athabasca and PetroChina International Investment Co.
0 C! V& @0 e9 cLtd. and finds its is likely to be of net benefit to Canada.
( h' Z% T; E5 p) s Clement says PetroChina and its parent, PetroChina Co. Ltd., have `& r' _! u; n6 F$ o
made a number of significant commitments should they be allowed to
% C0 H. C0 M' P! Facquire control of the MacKay and Dover oil sands projects.+ ] h0 H# U8 a- H
Among other things, the Chinese concerns have agreed to capital* D# k' n. C+ B( a
expenditures in excess of $250 million for developing the properties
! @6 I+ X5 K( H% gover the next three years.
" P5 Z7 X% z8 ^. p& m& N/ e They have also pledged to increase employment levels in Canada as. v$ o4 Q$ g6 E1 d; a7 e
they develop the projects over the next three years and to maintain! x9 V% l, e. Y6 w
an Alberta head office for operating companies associated with the
1 T5 E4 O7 ^& e. _' Aprojects for the next five years.) E" ~( B6 k# o% e& o
(The Canadian Press) |
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