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OTTAWA - Ottawa has given its blessing to the sale of properties2 ~( L: ?7 N, Y( N- T
owned by Athabasca Oil Sands Corp. to a Chinese company.
. I8 N8 n+ V! A4 P* D# t1 K/ L Federal Industry Minister Tony Clement says he has reviewed the* E* E* ~+ p/ i0 A' M4 |! _
deal between Athabasca and PetroChina International Investment Co.
3 Y! d& C4 O8 @3 `+ wLtd. and finds its is likely to be of net benefit to Canada.% g9 t& U! K, C8 ^- \1 Y" S
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! M( b6 r2 G; W4 b4 j5 _/ j! E6 }made a number of significant commitments should they be allowed to( J4 W* ^6 a& n7 ?5 n
acquire control of the MacKay and Dover oil sands projects.
C0 ~5 u: S) [ Among other things, the Chinese concerns have agreed to capital
. Q, ? c" ~* B. wexpenditures in excess of $250 million for developing the properties
+ n" X. |/ p2 {over the next three years.* m. a" S! A. `) j
They have also pledged to increase employment levels in Canada as3 D! j& m- j, n9 _ f
they develop the projects over the next three years and to maintain
/ g$ S( j+ j- q' U9 m7 [an Alberta head office for operating companies associated with the
* U* R! f5 \/ X0 d1 ^' M( o0 `projects for the next five years.; K& C! n# J1 t9 ?& T
(The Canadian Press) |
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