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OTTAWA - Ottawa has given its blessing to the sale of properties6 R+ ~: N/ L1 u6 P: O) U* {7 u! d
owned by Athabasca Oil Sands Corp. to a Chinese company.! M N: }0 p6 @. ]3 U& x
Federal Industry Minister Tony Clement says he has reviewed the& c& r! Q7 y* |1 Q
deal between Athabasca and PetroChina International Investment Co.- f/ c/ r0 O9 T4 O# _6 i# N& c& H1 R, y
Ltd. and finds its is likely to be of net benefit to Canada.. E( D# x# e6 @: E
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ G5 B6 ^7 _: g! K, }# ^2 umade a number of significant commitments should they be allowed to$ r& w7 Y9 l* I( H
acquire control of the MacKay and Dover oil sands projects.
4 g. w( X, e3 L; O/ m Among other things, the Chinese concerns have agreed to capital
. x! ^ q) b# qexpenditures in excess of $250 million for developing the properties* W6 x, H. E6 B0 ?/ z
over the next three years.# z7 c" p9 [, I! ~/ { e
They have also pledged to increase employment levels in Canada as6 L8 x6 y6 T1 l/ E+ O; t6 A
they develop the projects over the next three years and to maintain# i% V% d) P X, R: M
an Alberta head office for operating companies associated with the0 K1 q/ k. [4 U% X6 m# x; a; [
projects for the next five years.& l2 {7 p! E- f2 z
(The Canadian Press) |
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