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OTTAWA - Ottawa has given its blessing to the sale of properties5 S" e$ G: w3 G8 \
owned by Athabasca Oil Sands Corp. to a Chinese company.
# @) h9 N% B8 `; W& t Z Federal Industry Minister Tony Clement says he has reviewed the/ u |! ]9 F& r0 H2 ~. t8 X# H8 q
deal between Athabasca and PetroChina International Investment Co.6 e; T8 s3 b7 z, F
Ltd. and finds its is likely to be of net benefit to Canada.
5 p' e/ z9 j5 z4 n$ p" }, m0 W* _$ d Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ U/ a) D' U1 `, L1 lmade a number of significant commitments should they be allowed to/ x# _0 v5 d1 k
acquire control of the MacKay and Dover oil sands projects.
3 M9 J& C, j* T" ^4 M8 i Among other things, the Chinese concerns have agreed to capital
$ }3 m/ p* z; Yexpenditures in excess of $250 million for developing the properties
' \5 s5 s) X- E6 c3 a* ?" r- y u! mover the next three years.: h s& O6 a6 x l
They have also pledged to increase employment levels in Canada as. w/ O/ g" i( K% V+ d
they develop the projects over the next three years and to maintain. R, g7 k, ^6 `1 r* q
an Alberta head office for operating companies associated with the/ v9 ]) ^) n {$ N. b
projects for the next five years.5 W3 |! L' o P9 v
(The Canadian Press) |
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