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OTTAWA - Ottawa has given its blessing to the sale of properties8 P- s3 ?2 [/ Y
owned by Athabasca Oil Sands Corp. to a Chinese company.
" {# P/ g9 c1 r" I# ?$ U6 r Federal Industry Minister Tony Clement says he has reviewed the. ?2 @/ H! W' H) `
deal between Athabasca and PetroChina International Investment Co.
) S; |/ H9 s3 O' I) ]% D1 M% l$ ~Ltd. and finds its is likely to be of net benefit to Canada., W! C% @. w+ T8 D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" m- H' a/ s6 G* t: amade a number of significant commitments should they be allowed to
( L4 v+ K; Q& Pacquire control of the MacKay and Dover oil sands projects.
& u, N6 H: s$ G Among other things, the Chinese concerns have agreed to capital
- y; o9 z( D; ?% c4 m* V% H" Aexpenditures in excess of $250 million for developing the properties& f- I' h+ s0 w, z) K9 L/ y
over the next three years.$ L' [% R- q' n2 O# P$ N h" z f
They have also pledged to increase employment levels in Canada as
5 Z; M8 w. y$ l0 e# V0 H1 ?they develop the projects over the next three years and to maintain7 ~/ @, c/ I4 ^, K4 A
an Alberta head office for operating companies associated with the
% A: K! G+ N0 S" _6 Rprojects for the next five years.0 _; f+ c5 l" K+ a1 [
(The Canadian Press) |
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