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OTTAWA - Ottawa has given its blessing to the sale of properties' g! L9 A4 P8 |0 D
owned by Athabasca Oil Sands Corp. to a Chinese company.: j$ {+ X/ E) J, {
Federal Industry Minister Tony Clement says he has reviewed the
& V. t! T# v( B5 A0 B ideal between Athabasca and PetroChina International Investment Co.
3 R0 i) E; F8 Q2 o* W \) S: ELtd. and finds its is likely to be of net benefit to Canada.0 x; j! o" P% J3 j- J/ ]! s5 {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( Q2 T2 e+ G7 D' `. Cmade a number of significant commitments should they be allowed to9 ]3 w5 z) h: K
acquire control of the MacKay and Dover oil sands projects.$ R, m! B: \ z8 O& b) c( y
Among other things, the Chinese concerns have agreed to capital& p6 H, \/ n0 U8 [! u$ @! v
expenditures in excess of $250 million for developing the properties+ w! R4 e6 m8 M) Z
over the next three years.; @1 X5 O9 r1 z% S) m z9 r% D
They have also pledged to increase employment levels in Canada as/ Y, m$ f: ~; D& Q L
they develop the projects over the next three years and to maintain
6 [9 [4 \- K& ^( b- Dan Alberta head office for operating companies associated with the6 z' T% Y$ Z' i3 x
projects for the next five years.7 u9 N! P$ h$ K/ z a
(The Canadian Press) |
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