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OTTAWA - Ottawa has given its blessing to the sale of properties1 [! i5 `- P4 z& r1 U7 d
owned by Athabasca Oil Sands Corp. to a Chinese company.
% M4 A) `1 a/ ^) K7 U6 r6 ] Federal Industry Minister Tony Clement says he has reviewed the7 c) b' p" I, S* Q
deal between Athabasca and PetroChina International Investment Co.7 d Y+ y( T2 P8 {$ L: T% K% l! e
Ltd. and finds its is likely to be of net benefit to Canada.9 u( i0 j! R9 S1 Y/ H2 p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 G* U! u( K& }0 }made a number of significant commitments should they be allowed to
" P ?! i# l/ j: Y- n, e; \acquire control of the MacKay and Dover oil sands projects.
! ~9 f" i! a) e# M9 q0 J, Y3 P, m Among other things, the Chinese concerns have agreed to capital# U7 f" ^+ Y8 u3 M, ^1 s4 V, f
expenditures in excess of $250 million for developing the properties' B0 l% S4 n) U2 y! A
over the next three years.' y6 K- y$ n/ j5 a
They have also pledged to increase employment levels in Canada as
6 J0 [! R- M, Qthey develop the projects over the next three years and to maintain
, U& }; G1 d8 s oan Alberta head office for operating companies associated with the/ D" o: ^, b" E* J1 l
projects for the next five years.
0 ^1 F6 ~) \* `* j0 s (The Canadian Press) |
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