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OTTAWA - Ottawa has given its blessing to the sale of properties
- O9 L& c1 b* j ^3 iowned by Athabasca Oil Sands Corp. to a Chinese company./ ~+ B* [, W( F( K' }5 _
Federal Industry Minister Tony Clement says he has reviewed the
9 G: P) x( m7 S) d/ s, ldeal between Athabasca and PetroChina International Investment Co.
2 Y( ?! U p! E! \% I) g' k- G3 RLtd. and finds its is likely to be of net benefit to Canada.
3 v6 C) H. N" k( f# J, O/ t, E$ W Clement says PetroChina and its parent, PetroChina Co. Ltd., have- c" m" k% z( x- o
made a number of significant commitments should they be allowed to
+ @% `+ v i0 c g" r `acquire control of the MacKay and Dover oil sands projects.8 G9 e! E4 [3 \6 Z% z
Among other things, the Chinese concerns have agreed to capital
9 e2 S. w/ u$ x0 o. Xexpenditures in excess of $250 million for developing the properties
: \1 {5 u% a6 z S- @6 fover the next three years.
) [/ i) a) x3 P$ U They have also pledged to increase employment levels in Canada as+ v& W6 A+ T& c+ w( W- v6 t& \8 T
they develop the projects over the next three years and to maintain
7 l! f8 v( d# W% l% Q) Can Alberta head office for operating companies associated with the
l6 H) }, F: h0 l4 N- _projects for the next five years.
3 L Q' T+ h+ Z# ~5 Y3 l (The Canadian Press) |
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