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OTTAWA - Ottawa has given its blessing to the sale of properties
% l+ k3 H( a1 G( ]1 wowned by Athabasca Oil Sands Corp. to a Chinese company.* n6 g0 h O) e# |! l0 E4 J
Federal Industry Minister Tony Clement says he has reviewed the x- T8 J: [* e5 N; H$ M
deal between Athabasca and PetroChina International Investment Co.) j% t" F7 g/ {" L% i
Ltd. and finds its is likely to be of net benefit to Canada.
4 N: Y8 l, `4 M4 f9 { Clement says PetroChina and its parent, PetroChina Co. Ltd., have- r8 F8 b6 }2 X
made a number of significant commitments should they be allowed to: m* P/ h0 e2 q' l* ~( i
acquire control of the MacKay and Dover oil sands projects.
+ o, @8 n, o+ t Among other things, the Chinese concerns have agreed to capital { t1 [- S3 w: K* M3 ^* {- F6 u
expenditures in excess of $250 million for developing the properties
1 p3 \" |; o- iover the next three years. o' E2 ]& z H: \ h/ \% T1 ~
They have also pledged to increase employment levels in Canada as# _& ?3 j6 [- J
they develop the projects over the next three years and to maintain
T* n! E6 c0 a- R7 @$ i+ T* Van Alberta head office for operating companies associated with the
& F; r: W9 t } n3 Bprojects for the next five years.
( H3 B8 M! H4 H6 l! r' T* K (The Canadian Press) |
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