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OTTAWA - Ottawa has given its blessing to the sale of properties, O1 _ Q- [% h' f; L, b3 V$ b
owned by Athabasca Oil Sands Corp. to a Chinese company.' z! T/ _! `# H7 m) F+ x
Federal Industry Minister Tony Clement says he has reviewed the# C' t" j# e; P' o
deal between Athabasca and PetroChina International Investment Co.% N* d5 P4 {! M1 l% Y! @) J
Ltd. and finds its is likely to be of net benefit to Canada.. r/ e0 A; c4 A* v
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* U! r) C! t- z5 T. V, S6 c7 g: Z: Amade a number of significant commitments should they be allowed to
. n; n6 L" A/ X5 [acquire control of the MacKay and Dover oil sands projects.* K$ P& ]/ l, \) {1 ^: y
Among other things, the Chinese concerns have agreed to capital' s' H1 `8 D R! y2 }7 \8 P
expenditures in excess of $250 million for developing the properties: I0 [) `1 d! W( y/ c
over the next three years.. N: Z! y8 e( {; W" h6 y
They have also pledged to increase employment levels in Canada as
+ ?5 r% L5 ~+ S5 y$ qthey develop the projects over the next three years and to maintain$ b! p( z6 y* H
an Alberta head office for operating companies associated with the
0 q) t2 B( C1 G2 y0 l2 G; b2 Lprojects for the next five years.
$ B( ~$ V( E3 { (The Canadian Press) |
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