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OTTAWA - Ottawa has given its blessing to the sale of properties
, w# x; {7 I6 L7 }owned by Athabasca Oil Sands Corp. to a Chinese company.4 m4 G$ F' x; p' c3 J7 N# r
Federal Industry Minister Tony Clement says he has reviewed the+ l. ?) m' _" H1 F9 P, t$ J
deal between Athabasca and PetroChina International Investment Co.4 K" w6 U. A1 [: `9 N% c/ f+ Z
Ltd. and finds its is likely to be of net benefit to Canada.9 j, l$ R# ^, U" A; |
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 b% Y' n }( K/ E- j. Ymade a number of significant commitments should they be allowed to9 t* l( [3 ~; L0 i; A5 M0 g8 R2 f' ^
acquire control of the MacKay and Dover oil sands projects.$ Q5 A: i; J' n, e
Among other things, the Chinese concerns have agreed to capital
" P; r3 M# \' X* T; [expenditures in excess of $250 million for developing the properties6 d5 \0 P9 T, e$ a
over the next three years.* u3 K/ R. H; N+ f" }: x7 l1 ^, o
They have also pledged to increase employment levels in Canada as
* c4 i+ U& Q$ [8 @they develop the projects over the next three years and to maintain
9 E9 x6 m A' qan Alberta head office for operating companies associated with the
, r. _( H+ Z6 X" @- a: c3 D0 _5 w* Bprojects for the next five years.
- n6 I$ h- c% l& P (The Canadian Press) |
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