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OTTAWA - Ottawa has given its blessing to the sale of properties% L _% | _4 g. d* P
owned by Athabasca Oil Sands Corp. to a Chinese company.: D5 t$ y, O3 [7 n( e7 P0 n1 {
Federal Industry Minister Tony Clement says he has reviewed the2 s& a' a S7 j( U% u
deal between Athabasca and PetroChina International Investment Co.
6 k/ S! \1 P( @) DLtd. and finds its is likely to be of net benefit to Canada.4 e* i) n4 @7 O& X6 B6 C/ x, O
Clement says PetroChina and its parent, PetroChina Co. Ltd., have! ?8 z( Z0 R" f' P
made a number of significant commitments should they be allowed to
8 e0 T" y [3 }6 }) _9 _9 Vacquire control of the MacKay and Dover oil sands projects.' Y7 J9 a( V' _/ J1 ]
Among other things, the Chinese concerns have agreed to capital
' Y( J9 L2 E% G% y1 P+ v1 E7 lexpenditures in excess of $250 million for developing the properties% d) h$ e8 x8 S! K, Z
over the next three years.
+ N3 a9 K# E$ G They have also pledged to increase employment levels in Canada as
9 U' {6 u1 ~& Z& a! z! ] Zthey develop the projects over the next three years and to maintain S7 X! F$ M1 n( _/ H
an Alberta head office for operating companies associated with the5 ^$ X( v. J" g& b
projects for the next five years.
% n/ x! u- [. F& V# { (The Canadian Press) |
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