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OTTAWA - Ottawa has given its blessing to the sale of properties; o( j. m& }' t: M, W) a. g
owned by Athabasca Oil Sands Corp. to a Chinese company.
% H1 J7 j& F ^4 e" M Federal Industry Minister Tony Clement says he has reviewed the
g* ?# b$ W+ w9 s- Q8 v. v1 ldeal between Athabasca and PetroChina International Investment Co.
( S2 n2 ]( P! g, F: uLtd. and finds its is likely to be of net benefit to Canada." V. A4 S$ L, q, Q3 F8 r
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 x) x: I T: \1 Gmade a number of significant commitments should they be allowed to" X4 [- g8 R" F e* L8 z
acquire control of the MacKay and Dover oil sands projects.( g$ P1 x7 g/ n! Y0 k* u
Among other things, the Chinese concerns have agreed to capital' N2 j. U* f; J; M8 ^; ~- s& t) e7 G
expenditures in excess of $250 million for developing the properties+ N- B; B# k/ Z" K5 K# k
over the next three years.+ v7 Q% B" H7 [, W" |: Z7 y
They have also pledged to increase employment levels in Canada as+ K9 g2 r9 ^3 ?0 g. b5 A; [
they develop the projects over the next three years and to maintain5 S" }9 n! b( E& x
an Alberta head office for operating companies associated with the7 N3 R9 J, ^$ ~/ ]$ h" P7 c0 U
projects for the next five years.! z2 _& F4 S$ n" g/ `3 k+ @* K
(The Canadian Press) |
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