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OTTAWA - Ottawa has given its blessing to the sale of properties. ]- b I* _* l( w$ `/ b
owned by Athabasca Oil Sands Corp. to a Chinese company.. U1 o) i0 A( o8 u# \6 P
Federal Industry Minister Tony Clement says he has reviewed the
, `# v: a" W* y( [, P& J, sdeal between Athabasca and PetroChina International Investment Co.
$ z( \4 h" m% SLtd. and finds its is likely to be of net benefit to Canada.
% r ^$ c( K/ t Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 S8 w8 A/ [3 Z& L, Bmade a number of significant commitments should they be allowed to
! G# O; x+ j& r' V% dacquire control of the MacKay and Dover oil sands projects.
. D& L C+ R, \, {! r' Z7 l6 h8 _ Among other things, the Chinese concerns have agreed to capital
+ w9 r4 [7 i8 V$ w1 ]$ d) a$ R5 kexpenditures in excess of $250 million for developing the properties
, `6 I U" m4 V0 }1 Kover the next three years.9 r1 Q W% {+ v, R9 R8 f
They have also pledged to increase employment levels in Canada as8 I5 U1 B3 B. O5 n3 X M2 x) u" G' m
they develop the projects over the next three years and to maintain
9 t& g2 B$ ?: l3 s) ]( N3 P- L1 Kan Alberta head office for operating companies associated with the
9 f$ R) M7 k4 h4 e9 s. J7 W' _4 }projects for the next five years., W5 l, l+ Z% V: n
(The Canadian Press) |
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