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OTTAWA - Ottawa has given its blessing to the sale of properties
& ~& Y4 _: n/ R# h% \owned by Athabasca Oil Sands Corp. to a Chinese company.
5 T( w5 \# N% ] Federal Industry Minister Tony Clement says he has reviewed the& s3 e$ ?+ @$ g! _& ?" Y( F
deal between Athabasca and PetroChina International Investment Co.! ^. n1 E- c4 Q O, k
Ltd. and finds its is likely to be of net benefit to Canada.
) f" v6 l2 m. _% H% I$ Z | Clement says PetroChina and its parent, PetroChina Co. Ltd., have' X% k- ~8 _# L, w
made a number of significant commitments should they be allowed to
9 @! g& [ M# p, x' iacquire control of the MacKay and Dover oil sands projects.
6 Y$ R `% N& x; C/ |2 r Among other things, the Chinese concerns have agreed to capital
( {8 a# W1 w" \& g/ `expenditures in excess of $250 million for developing the properties
8 W, s ? k/ a% _4 x9 Uover the next three years.' s" f" s/ w/ l: Q5 _, I
They have also pledged to increase employment levels in Canada as
4 F/ L F4 r- cthey develop the projects over the next three years and to maintain( Y( V- ^6 w0 E; n7 ^9 D. F
an Alberta head office for operating companies associated with the
3 d+ x) e" z1 ~) `projects for the next five years.8 ^5 p. k2 \! }" ]$ O
(The Canadian Press) |
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