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OTTAWA - Ottawa has given its blessing to the sale of properties
8 h: p" @6 N. F6 K7 Y& B' oowned by Athabasca Oil Sands Corp. to a Chinese company.
7 G! a' V1 }/ l3 o Federal Industry Minister Tony Clement says he has reviewed the
6 q1 @0 m% l1 n* U, W# \) Ydeal between Athabasca and PetroChina International Investment Co.
/ T' a. ~4 H: u& c1 ^Ltd. and finds its is likely to be of net benefit to Canada.
" j e+ Q5 {. P$ `% m3 [ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; ^- @7 p) d2 E. \# \made a number of significant commitments should they be allowed to# y, n1 J# l* e. G: v7 I# \2 ]+ C+ ]
acquire control of the MacKay and Dover oil sands projects.
! I. I: N" n! h Among other things, the Chinese concerns have agreed to capital6 b, @2 }1 W8 t: n2 d
expenditures in excess of $250 million for developing the properties
2 G. X) R5 [' O7 a% i& i- U6 s+ ~over the next three years.
# B& \3 ?# Z d8 _ They have also pledged to increase employment levels in Canada as
w A8 V1 {# s' ^# N" fthey develop the projects over the next three years and to maintain% B ~, C4 v8 i3 L
an Alberta head office for operating companies associated with the
* @' [' s+ l m* O1 Iprojects for the next five years.
& p1 l( c* C2 Q. a" M (The Canadian Press) |
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