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OTTAWA - Ottawa has given its blessing to the sale of properties# H9 p* A3 ~0 K3 T( I+ C+ I
owned by Athabasca Oil Sands Corp. to a Chinese company.
* p! f, A7 Y" M- j( h9 P Federal Industry Minister Tony Clement says he has reviewed the/ |7 Y1 t, O3 b; K0 S
deal between Athabasca and PetroChina International Investment Co.
+ K/ q# C6 G/ {; ?( DLtd. and finds its is likely to be of net benefit to Canada.& T1 P/ e9 W8 z" f; [" L) p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# L% ?) p# r, F8 T8 t/ |9 w/ Y+ `( Vmade a number of significant commitments should they be allowed to+ m$ F" x% |/ o* O k m
acquire control of the MacKay and Dover oil sands projects. E( g( o. a0 ^
Among other things, the Chinese concerns have agreed to capital) o; r) @; S% I" ?$ T$ {
expenditures in excess of $250 million for developing the properties
6 ^0 O2 h4 K; T$ K3 r3 ?4 ^9 Mover the next three years.# z8 Q+ f$ h9 S
They have also pledged to increase employment levels in Canada as( d9 @2 w2 j" A" S0 H
they develop the projects over the next three years and to maintain9 w! i/ x2 i# F, [& `5 N. g1 t
an Alberta head office for operating companies associated with the
1 p$ }( I. ?4 T8 W, _0 zprojects for the next five years.
: k* h. q3 \) s6 `9 M6 b8 b8 y (The Canadian Press) |
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