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OTTAWA - Ottawa has given its blessing to the sale of properties
J. H" J9 N' C' v/ ]owned by Athabasca Oil Sands Corp. to a Chinese company./ ~3 D# n& f& D, L' n2 @5 y
Federal Industry Minister Tony Clement says he has reviewed the5 z. i% c! }& G: ~/ I& } b, _
deal between Athabasca and PetroChina International Investment Co./ ]# K, w/ Y, ], F2 E
Ltd. and finds its is likely to be of net benefit to Canada.
: a/ y/ O! g `6 c. h5 Q/ I Clement says PetroChina and its parent, PetroChina Co. Ltd., have! N1 F* a8 Z% d5 ~; X9 T
made a number of significant commitments should they be allowed to0 {2 g0 ?8 F- {6 D/ o
acquire control of the MacKay and Dover oil sands projects. \7 r+ L0 W$ o% x
Among other things, the Chinese concerns have agreed to capital
$ y) F$ b) S3 l) H& lexpenditures in excess of $250 million for developing the properties0 c+ L& o" [; ~3 d3 x4 p4 p4 L0 R
over the next three years.
$ F; `, y S3 m They have also pledged to increase employment levels in Canada as
' e' c: c4 G. Y1 V }they develop the projects over the next three years and to maintain
# a" k1 R: J( Y% Nan Alberta head office for operating companies associated with the
6 w/ O2 W& q) ?projects for the next five years.. N8 ^( r; z7 e% l
(The Canadian Press) |
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