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OTTAWA - Ottawa has given its blessing to the sale of properties
* h& B, d# F* Y) o6 ^4 ^owned by Athabasca Oil Sands Corp. to a Chinese company.( y% {/ K, Z( O) M; z2 m8 l
Federal Industry Minister Tony Clement says he has reviewed the# ]( ^$ D8 @1 j8 x5 c
deal between Athabasca and PetroChina International Investment Co.( e( p3 K; r A0 i3 s2 e" h
Ltd. and finds its is likely to be of net benefit to Canada.9 G8 B2 t4 c# o; G7 R0 l! _* K% ?
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! _, U3 ]( R+ o& Jmade a number of significant commitments should they be allowed to' Y' o7 U+ C( h/ F
acquire control of the MacKay and Dover oil sands projects.# O0 s( S3 b ]( Z( Z
Among other things, the Chinese concerns have agreed to capital
% w) S3 w9 f1 `- Z1 q4 Iexpenditures in excess of $250 million for developing the properties( f7 W z1 m: y4 g
over the next three years.! ^2 p- y6 L3 X) d! i) j) k
They have also pledged to increase employment levels in Canada as
( x+ Z. r" [ {6 @7 l7 K7 x% E( O0 mthey develop the projects over the next three years and to maintain# {( H0 N6 H3 R+ c: W' z
an Alberta head office for operating companies associated with the" a+ S6 U! L2 a0 L6 T) W* h! `/ Z
projects for the next five years.6 J0 S6 ?! r0 y7 ?! U
(The Canadian Press) |
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