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OTTAWA - Ottawa has given its blessing to the sale of properties+ I/ X9 W: Y1 `9 ^% S. d/ \
owned by Athabasca Oil Sands Corp. to a Chinese company.0 J) s0 ]. u2 a) v6 j/ `
Federal Industry Minister Tony Clement says he has reviewed the
6 E& S% e' y& \6 vdeal between Athabasca and PetroChina International Investment Co.
; u# x- T" _- A- vLtd. and finds its is likely to be of net benefit to Canada.0 x# y1 Y3 f3 y! V8 z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! w* l0 M8 a$ I7 y+ E L: A! L. m ^made a number of significant commitments should they be allowed to2 J8 K, _' ~% d, E7 Z
acquire control of the MacKay and Dover oil sands projects.
7 G* n/ K+ g2 ]9 e: @! P/ U x Among other things, the Chinese concerns have agreed to capital5 {+ g* \3 \& i9 Y: {
expenditures in excess of $250 million for developing the properties+ N) P! }# @7 M+ I+ ?
over the next three years.0 P6 h& }5 _$ z |: g0 `
They have also pledged to increase employment levels in Canada as7 P: y2 G' s6 U
they develop the projects over the next three years and to maintain5 B1 \) z/ l) ]+ L
an Alberta head office for operating companies associated with the# @9 n) Q/ j0 G( Y' _! s6 @& {5 S
projects for the next five years.
+ f8 T/ m' T2 g. G# H (The Canadian Press) |
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