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OTTAWA - Ottawa has given its blessing to the sale of properties
% U& J7 }2 ~9 iowned by Athabasca Oil Sands Corp. to a Chinese company.
% @3 E8 C Z* A, F3 h2 W2 P Federal Industry Minister Tony Clement says he has reviewed the
, q \2 V. N1 j1 W7 Ddeal between Athabasca and PetroChina International Investment Co.
3 V- i; ~0 \- ^" j8 q1 V; k* wLtd. and finds its is likely to be of net benefit to Canada.3 A9 @1 x1 A3 `) w0 Z( j: j
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ g$ w* V( O/ W$ d. A% qmade a number of significant commitments should they be allowed to
- ~8 F9 x0 R. \+ Hacquire control of the MacKay and Dover oil sands projects.3 `# s* ^& G. E& p7 x0 @ n
Among other things, the Chinese concerns have agreed to capital) D) @5 {) V( Q: }7 e
expenditures in excess of $250 million for developing the properties7 L3 [, Q: V4 {8 K4 a9 g
over the next three years.+ u7 Q( C* k5 {- v% w
They have also pledged to increase employment levels in Canada as
b, k( Z: B( s( }they develop the projects over the next three years and to maintain
/ `) w, O- @9 _ J# V Jan Alberta head office for operating companies associated with the H" g* l0 G5 V& ]: X' F3 N. Q
projects for the next five years., j! F) R" J: f; D) q* H
(The Canadian Press) |
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