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OTTAWA - Ottawa has given its blessing to the sale of properties
1 s* E6 S' B0 F( j' M. U" |! k" Lowned by Athabasca Oil Sands Corp. to a Chinese company.
. m: N) B) k% o6 ^. c* T# u0 _* k6 ^ Federal Industry Minister Tony Clement says he has reviewed the
: K& b t" j& O. B" D% udeal between Athabasca and PetroChina International Investment Co.! E) H0 M4 M% r7 c
Ltd. and finds its is likely to be of net benefit to Canada.
1 m0 A$ S8 G8 j1 l8 B: X# N& a Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 S7 K5 s/ k2 K0 I! x9 j% q( p
made a number of significant commitments should they be allowed to/ {1 k/ B' L; \7 S ?
acquire control of the MacKay and Dover oil sands projects.5 p* i$ N7 [& B% ?1 c% a6 ~4 ]
Among other things, the Chinese concerns have agreed to capital
5 ]0 \% Z+ P* D; pexpenditures in excess of $250 million for developing the properties
. Y: _$ c5 A2 v8 D" cover the next three years.
! W0 I, ?2 J, l7 Y They have also pledged to increase employment levels in Canada as% ^4 c% w) C+ |( s
they develop the projects over the next three years and to maintain- Z4 S/ v @4 ^, W) P" _" ~
an Alberta head office for operating companies associated with the
" v: I, }0 A, q. U0 aprojects for the next five years.
. \' Q! k! z; Z6 Y. o (The Canadian Press) |
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