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OTTAWA - Ottawa has given its blessing to the sale of properties
) w1 P/ E6 f6 a) [! G8 f" f# Cowned by Athabasca Oil Sands Corp. to a Chinese company. n, `& J" e) s8 h( n+ t, q% I, V
Federal Industry Minister Tony Clement says he has reviewed the
+ T. ^0 g* P* A" O' Adeal between Athabasca and PetroChina International Investment Co.( O% ^$ w/ M$ D3 b+ v' P2 w$ i& }- ]
Ltd. and finds its is likely to be of net benefit to Canada.9 u. Q, D& D9 F' q* X* e% z: f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 V$ f5 t& d1 `made a number of significant commitments should they be allowed to
0 l2 s3 Q9 {; r7 C0 M% U( [acquire control of the MacKay and Dover oil sands projects.
+ O9 i \; w# h1 ]0 m2 ?4 ` Among other things, the Chinese concerns have agreed to capital, b; r+ `+ X$ I5 P( {* J* E/ }
expenditures in excess of $250 million for developing the properties$ E! F& q: ]: s
over the next three years.4 r: c2 l; B4 j2 f3 F) w) O v
They have also pledged to increase employment levels in Canada as6 z: G, b7 N9 x I
they develop the projects over the next three years and to maintain
4 B8 ^* r% q$ N. e2 {an Alberta head office for operating companies associated with the/ p7 S; g' c7 _$ M; V
projects for the next five years.
. c+ D7 [3 s, v1 Y3 y/ @$ Q (The Canadian Press) |
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