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OTTAWA - Ottawa has given its blessing to the sale of properties
7 U% o7 i+ K5 j. S, L. Vowned by Athabasca Oil Sands Corp. to a Chinese company.: q% A8 L2 p5 m' y: D3 r
Federal Industry Minister Tony Clement says he has reviewed the* z9 ?& R4 f j7 s) m) s: K7 M
deal between Athabasca and PetroChina International Investment Co.
6 T# N' s i% c) oLtd. and finds its is likely to be of net benefit to Canada.7 Q, h0 x1 g; }$ }8 i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: d0 G6 n& X5 Y0 `* bmade a number of significant commitments should they be allowed to
; [( B/ `" q. l+ v6 f8 z6 Qacquire control of the MacKay and Dover oil sands projects.
2 b8 n6 ^1 C" O" F$ f( U* n0 T Among other things, the Chinese concerns have agreed to capital
! _! B+ ?7 E! _8 ]$ X5 d8 |+ Kexpenditures in excess of $250 million for developing the properties& L# O9 d# U7 W: E/ P
over the next three years.. T( W5 L9 F4 `. d/ o9 e! [. E7 u
They have also pledged to increase employment levels in Canada as
6 f3 k7 m. q o9 a) u7 bthey develop the projects over the next three years and to maintain' D. Y$ N/ k; c) ^2 ?; x
an Alberta head office for operating companies associated with the/ P9 F- j- S, n' W1 }$ h- D
projects for the next five years.
q/ ?( Q/ F$ s) Z: ] (The Canadian Press) |
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