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OTTAWA - Ottawa has given its blessing to the sale of properties
" y: m/ C: j* s9 U$ R" P- T$ Jowned by Athabasca Oil Sands Corp. to a Chinese company.
" @+ t# s/ t& B9 G, t ~0 w Federal Industry Minister Tony Clement says he has reviewed the
) w' W$ ]7 U( k$ `4 n$ ]# ddeal between Athabasca and PetroChina International Investment Co.) G1 ~( t u4 U
Ltd. and finds its is likely to be of net benefit to Canada.( b( q( F' E3 B9 ^2 i0 S8 c( x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! Y& p- v6 Q+ l4 B9 `. K" ]made a number of significant commitments should they be allowed to
& `5 S5 k/ f8 b" A; q9 V2 \acquire control of the MacKay and Dover oil sands projects.( o8 J0 V9 t9 e1 q" t
Among other things, the Chinese concerns have agreed to capital. _/ Q+ K( @' _: ?7 R$ D
expenditures in excess of $250 million for developing the properties
/ \9 t+ @" {; ^* q# iover the next three years.4 l& c2 F+ Y. e$ ]3 b
They have also pledged to increase employment levels in Canada as, ~- v' m6 n4 V; ?( N
they develop the projects over the next three years and to maintain
- \/ E+ z7 ?# X s( han Alberta head office for operating companies associated with the
4 P( t! Y: u7 [' g# x. c3 G- D, mprojects for the next five years.
* V& {; v7 a. x+ }5 r$ w; ^4 q (The Canadian Press) |
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