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OTTAWA - Ottawa has given its blessing to the sale of properties& y/ L% v; d; Q d& d" w
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 l- E, Q1 V: l0 V) k" O. y Federal Industry Minister Tony Clement says he has reviewed the
& K+ ^9 l/ }) ddeal between Athabasca and PetroChina International Investment Co.4 ?2 R* t5 ]; _" U! m# i" H
Ltd. and finds its is likely to be of net benefit to Canada.
+ [2 c; p* ^, b6 t$ q- g Clement says PetroChina and its parent, PetroChina Co. Ltd., have. s# Q' T8 ^/ h# T' k2 J
made a number of significant commitments should they be allowed to; E7 M6 |9 J, k7 ?$ ~( \; _
acquire control of the MacKay and Dover oil sands projects.
$ ?$ u( @& z R" _3 @7 h1 x- f Among other things, the Chinese concerns have agreed to capital1 \8 c6 T8 _3 c/ ~0 S/ K7 _$ @
expenditures in excess of $250 million for developing the properties
) K# g' b( s; J2 ?2 H. B' sover the next three years.
/ [$ g, ^! I7 m8 H1 j' f0 d2 n) t They have also pledged to increase employment levels in Canada as
, k/ O/ }* ]- [$ Y m, u2 mthey develop the projects over the next three years and to maintain# S; m& E' b. r2 @1 W0 c+ j$ }. S/ \
an Alberta head office for operating companies associated with the) |) ]( ^4 w+ n, m4 |
projects for the next five years.+ e$ y5 f/ G" w8 `
(The Canadian Press) |
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