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OTTAWA - Ottawa has given its blessing to the sale of properties
, F9 |/ J b5 B" I8 Nowned by Athabasca Oil Sands Corp. to a Chinese company.
1 E0 O" s7 t9 h x) l: G/ R7 T Federal Industry Minister Tony Clement says he has reviewed the
, S8 X0 e* h" J1 m2 z( ^deal between Athabasca and PetroChina International Investment Co." V4 w% ?1 u; ~' j
Ltd. and finds its is likely to be of net benefit to Canada.
/ o, Z# o! c$ D; F O9 J( n# c Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( V3 F8 E# H0 J8 O- umade a number of significant commitments should they be allowed to
" A+ x# @8 @; [2 O* cacquire control of the MacKay and Dover oil sands projects.7 d0 m& s, o+ j H) j
Among other things, the Chinese concerns have agreed to capital$ ?+ g% v! h" O0 ~ G3 C% R% s
expenditures in excess of $250 million for developing the properties# v5 B' i& c& c* P5 u; Z$ Q
over the next three years.
5 C- r! w- ^# U' X8 M1 b They have also pledged to increase employment levels in Canada as
. @: Y9 T' N; M4 R; xthey develop the projects over the next three years and to maintain
) p H" Z8 d+ o$ q& Xan Alberta head office for operating companies associated with the7 I: R. `. f( }1 o5 C' `$ M
projects for the next five years.+ _3 I2 E% P% W- v: ]) {4 ^) Y
(The Canadian Press) |
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