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OTTAWA - Ottawa has given its blessing to the sale of properties8 T% S. ~. [) v0 j2 A0 f
owned by Athabasca Oil Sands Corp. to a Chinese company.
* H, i; \9 K J2 | L Federal Industry Minister Tony Clement says he has reviewed the
: [& K" T+ p/ ^" e* b+ O; qdeal between Athabasca and PetroChina International Investment Co.+ D _+ |, k0 Q g$ Y
Ltd. and finds its is likely to be of net benefit to Canada.
, {5 _' X# ?# E( _+ V7 `9 V$ \ Clement says PetroChina and its parent, PetroChina Co. Ltd., have O B, z9 e' ^- h( v) |/ A
made a number of significant commitments should they be allowed to5 ^ m; Z" U1 |6 O$ ]' Q
acquire control of the MacKay and Dover oil sands projects.* ^: Q* @ b. e: `
Among other things, the Chinese concerns have agreed to capital+ e6 y* h% Z0 [" @3 b( X+ q, C3 G
expenditures in excess of $250 million for developing the properties$ f) y1 ~. r; ~ I% S5 V
over the next three years.* y) P+ a- Z O6 s
They have also pledged to increase employment levels in Canada as; x, K) \9 L6 L0 @% g' b6 K) Z7 g5 Z
they develop the projects over the next three years and to maintain9 t4 n8 ^0 W' Y/ e, ^ ]6 n) ]* n
an Alberta head office for operating companies associated with the
9 `9 C/ ]2 g# L7 d; s C& m' r/ y7 _projects for the next five years.% F0 h8 Y8 d! H3 ^
(The Canadian Press) |
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