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OTTAWA - Ottawa has given its blessing to the sale of properties: x9 t( M- r* J+ `" K# ^6 p: a
owned by Athabasca Oil Sands Corp. to a Chinese company.
; m0 w( e: a* ^5 W6 F Federal Industry Minister Tony Clement says he has reviewed the$ A/ ^% ^; T+ n6 A3 g
deal between Athabasca and PetroChina International Investment Co.7 Y6 B8 B- N7 |
Ltd. and finds its is likely to be of net benefit to Canada.1 x- |3 }, _* P: [" V/ C) `* l% i, h
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ w/ ~& ?5 {. vmade a number of significant commitments should they be allowed to# Y J( Z; h+ \/ \ K" M4 G' d
acquire control of the MacKay and Dover oil sands projects.
( w1 ?/ _0 V( _+ D# o9 ~0 y% B6 f Among other things, the Chinese concerns have agreed to capital O' v0 `4 t4 |9 i5 J I5 Z7 C& R; ]
expenditures in excess of $250 million for developing the properties
" C9 M! I/ M+ ~& ~% o% I% Qover the next three years.1 A& y4 l% D$ x
They have also pledged to increase employment levels in Canada as
8 _" A" s8 f- I7 p" D6 K- Uthey develop the projects over the next three years and to maintain
9 p4 Z# R* E& G3 Yan Alberta head office for operating companies associated with the
# x3 }& e) i# }. \projects for the next five years.7 b; H1 v+ Z' w9 Z
(The Canadian Press) |
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