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OTTAWA - Ottawa has given its blessing to the sale of properties! ^% F0 m( u4 f, X3 m" r
owned by Athabasca Oil Sands Corp. to a Chinese company.
! S8 ?! \: d) Y: l Federal Industry Minister Tony Clement says he has reviewed the- K! X9 s3 b( v s
deal between Athabasca and PetroChina International Investment Co.4 x: g4 h2 C7 A/ i9 T! d
Ltd. and finds its is likely to be of net benefit to Canada.; m. s- V" M s b. }, c: l
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- L5 y, h/ `+ G8 xmade a number of significant commitments should they be allowed to0 n' [1 d$ V4 _0 m
acquire control of the MacKay and Dover oil sands projects.' b Y% Y P+ F+ F3 F9 m# W& C
Among other things, the Chinese concerns have agreed to capital
3 J0 A# R* @8 [1 yexpenditures in excess of $250 million for developing the properties2 f4 p; E D) }# j) i3 ^- h# F
over the next three years.7 b6 R6 ? t# |0 o
They have also pledged to increase employment levels in Canada as
; ]( {0 v, U9 {- Athey develop the projects over the next three years and to maintain
' u) W. H$ ]3 G+ v5 a) Ran Alberta head office for operating companies associated with the
; `5 L& U! V# {& M5 k4 C# Kprojects for the next five years.3 [# E" y/ h- Z) d$ T9 d7 I
(The Canadian Press) |
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