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OTTAWA - Ottawa has given its blessing to the sale of properties" U/ u/ b U/ K N, c
owned by Athabasca Oil Sands Corp. to a Chinese company.
: D/ i; S& T* o Federal Industry Minister Tony Clement says he has reviewed the( g7 G7 m+ R& @! d& L0 K
deal between Athabasca and PetroChina International Investment Co.
- c: G H( t) w6 oLtd. and finds its is likely to be of net benefit to Canada.2 d0 m0 Z+ z: p2 m0 M9 b$ N
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- @5 f( I) }# g( y* Tmade a number of significant commitments should they be allowed to
) ~+ L1 ^0 x/ lacquire control of the MacKay and Dover oil sands projects.
; v5 D$ ]* T3 G) H* {5 ?5 s0 ~ Among other things, the Chinese concerns have agreed to capital2 x4 n1 p, S5 B! q
expenditures in excess of $250 million for developing the properties* E# j/ ?- _( ], O& k
over the next three years.2 F! M' G8 N. }7 h. I
They have also pledged to increase employment levels in Canada as
: N7 F+ L# S" \' B( _. rthey develop the projects over the next three years and to maintain8 E1 g+ x/ I9 c1 B7 p8 U, M3 }
an Alberta head office for operating companies associated with the
% C( O0 s& l0 L8 C7 l% Q xprojects for the next five years.
% D# c! q1 X' e$ @' Y" k* O' G (The Canadian Press) |
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