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OTTAWA - Ottawa has given its blessing to the sale of properties- ~$ d7 S: {% u' [4 _" i. U1 y+ r* C
owned by Athabasca Oil Sands Corp. to a Chinese company.
! m% T7 M- l$ N* X4 W: A. M4 ~; A Federal Industry Minister Tony Clement says he has reviewed the( f/ C S% y6 [ G/ p, B& n8 J/ M
deal between Athabasca and PetroChina International Investment Co.
: l( {( T% _8 k0 I* g8 _' @Ltd. and finds its is likely to be of net benefit to Canada., E- y% C2 H: z/ \5 Y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 Q$ C4 o4 L! \ A! A' Q
made a number of significant commitments should they be allowed to
: C" s2 v5 ?, \9 S1 F" Gacquire control of the MacKay and Dover oil sands projects.
5 C! ?# R% t8 x# v. z( J( o Among other things, the Chinese concerns have agreed to capital
* K* C8 }! t5 T$ I0 Wexpenditures in excess of $250 million for developing the properties
! ^/ ?" x5 ]1 [, u5 Y4 Z: e/ I% \5 Vover the next three years.$ W$ ?1 [% H2 ?' l! [8 N: H8 }
They have also pledged to increase employment levels in Canada as8 {4 u0 {) O. _$ P8 N1 w
they develop the projects over the next three years and to maintain' a X3 _) i H, t% @( c' x, _
an Alberta head office for operating companies associated with the
* g8 z& V" p/ M0 xprojects for the next five years.
8 p2 a+ f1 t1 h3 j. b5 ]. c4 O+ k. H% m (The Canadian Press) |
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