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OTTAWA - Ottawa has given its blessing to the sale of properties9 r3 C# N! D! S" t& s$ a% I: e4 H
owned by Athabasca Oil Sands Corp. to a Chinese company.5 m+ A0 f9 ?: Q! n0 A
Federal Industry Minister Tony Clement says he has reviewed the. _" J% V+ ~6 _$ w
deal between Athabasca and PetroChina International Investment Co.4 X6 A, \0 f+ U7 A9 @" P
Ltd. and finds its is likely to be of net benefit to Canada.
, L7 v, U$ D& T7 O5 v# \9 B Clement says PetroChina and its parent, PetroChina Co. Ltd., have: C; _" K! ?9 t7 Q/ B0 @" D; @
made a number of significant commitments should they be allowed to& E" Z% ?5 I) v7 ?6 b4 P+ j0 \
acquire control of the MacKay and Dover oil sands projects.) @& s! H3 Z) W2 C4 d0 [
Among other things, the Chinese concerns have agreed to capital
! w2 i1 S2 I6 cexpenditures in excess of $250 million for developing the properties
+ b r, S+ l J" ^/ ^7 q9 Lover the next three years.9 t" `* t- r( O* i: M
They have also pledged to increase employment levels in Canada as
* q8 D; W* g" ~- vthey develop the projects over the next three years and to maintain$ F) i7 T; ^1 E( ?4 C, O
an Alberta head office for operating companies associated with the
. P! o% a% E6 oprojects for the next five years.
8 E& b/ a+ P3 I: D% g) d (The Canadian Press) |
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