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OTTAWA - Ottawa has given its blessing to the sale of properties
9 N# ~+ p" [" x+ U5 K" r- Iowned by Athabasca Oil Sands Corp. to a Chinese company.
" Y' I' z' e5 I g Federal Industry Minister Tony Clement says he has reviewed the
1 f2 c0 m! e* mdeal between Athabasca and PetroChina International Investment Co.
' r/ M8 m& M. L7 r5 w: \; m; s9 fLtd. and finds its is likely to be of net benefit to Canada.# u3 ~7 I& _2 r+ T" L( i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 d+ V3 U3 n$ I
made a number of significant commitments should they be allowed to% u+ i% A# i* K1 W8 A
acquire control of the MacKay and Dover oil sands projects.
' e4 V9 t8 ]1 v" { Among other things, the Chinese concerns have agreed to capital
7 j" H5 K: B; z! W& |expenditures in excess of $250 million for developing the properties
& N, w# h/ z4 i- ~5 z% `over the next three years.
3 y- M' H; P" X% G9 w7 O1 l4 A They have also pledged to increase employment levels in Canada as/ `2 [& `7 p9 }
they develop the projects over the next three years and to maintain
2 n& T# k9 X' L/ p7 R/ `: l+ V9 jan Alberta head office for operating companies associated with the
& f! K, q, B7 I. V, cprojects for the next five years.
4 \( A/ u4 \$ D; ^) H0 [4 J; J# o (The Canadian Press) |
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