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OTTAWA - Ottawa has given its blessing to the sale of properties
) G, d' s |5 X! @' t1 bowned by Athabasca Oil Sands Corp. to a Chinese company.
8 l/ \: \$ J4 U7 V* F Federal Industry Minister Tony Clement says he has reviewed the
+ V5 U7 a! y5 `, zdeal between Athabasca and PetroChina International Investment Co.
8 \+ N: Y& c; c5 }( r# K3 {, zLtd. and finds its is likely to be of net benefit to Canada.
" \5 ~" V1 i, _8 O8 L Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: f& t5 n# o7 r" M# Wmade a number of significant commitments should they be allowed to0 b' x: b# b7 M @% I+ w) m: a
acquire control of the MacKay and Dover oil sands projects.
4 j {/ Q& h6 D$ X0 b6 B: A" V Among other things, the Chinese concerns have agreed to capital# J5 r1 ^! E3 [9 f
expenditures in excess of $250 million for developing the properties0 L, E& ~: a/ q, O4 \$ V; T' d
over the next three years.
1 X6 m$ O" u- m! ?. l, [, A They have also pledged to increase employment levels in Canada as( n1 W" D2 W8 j) Z" b4 Z/ H3 ?
they develop the projects over the next three years and to maintain
, h% V! Z" E+ Y& k0 E- k! _9 xan Alberta head office for operating companies associated with the, m K, x/ K: o( U
projects for the next five years.
# Q, }: ~3 `1 H+ w9 Z (The Canadian Press) |
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