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Canada Approves PetroChina Investment In 2 Oil-Sands Projects

Canada Approves PetroChina Investment In 2 Oil-Sands Projects
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Τετ, 30 Δεκεμβρίου 2009 - 15:05
Canadian Industry Minister Tony Clement has approved PetroChina International Investment Co.'s application under the Investment Canada Act to acquire control of the MacKay and Dover oil-sands projects in Alberta, saying he's satisfied the investment is likely to be of net benefit to Canada.
Canadian Industry Minister Tony Clement has approved PetroChina International Investment Co.'s application under the Investment Canada Act to acquire control of the MacKay and Dover oil-sands projects in Alberta , saying he's satisfied the investment is likely to be of net benefit to Canada .

As reported, earlier this year PetroChina agreed to acquire a 60% stake in the projects from privately held Athabasca Oil Sands Corp. for US$1.7 billion. Athabasca Oil chose a joint-venture partner to help finance the capital-intensive projects.

Clement said PetroChina and its parent company, PetroChina Co. (0857.HK), have made a number of related commitments, such as agreeing to spend more than C$250 million for their share of development expenses for the projects over the next three years and increasing employment levels in Canada for the development of the projects over the next three years.
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