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OTTAWA - Ottawa has given its blessing to the sale of properties
7 \3 Q- q" P0 b, vowned by Athabasca Oil Sands Corp. to a Chinese company.( X4 E; d+ c# ]7 x. k# l
Federal Industry Minister Tony Clement says he has reviewed the
( \4 G6 w, ^3 ~$ I# C7 H Y, M0 Pdeal between Athabasca and PetroChina International Investment Co.
, T/ ^5 T1 @! j9 d3 B; M0 H& RLtd. and finds its is likely to be of net benefit to Canada.; u8 A* H$ }; Z( d+ P
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 F: q* g" d: c$ d. f9 I/ Pmade a number of significant commitments should they be allowed to
% d5 m+ J) h# [8 W5 y- }, G" Qacquire control of the MacKay and Dover oil sands projects.$ Y' B7 S( s$ I) Q2 I6 d' K( E, d
Among other things, the Chinese concerns have agreed to capital. T2 F+ T, a6 j$ J
expenditures in excess of $250 million for developing the properties
4 `% y' A6 K/ r9 c3 F, Rover the next three years.# g) s' d6 h, y
They have also pledged to increase employment levels in Canada as
8 @8 f) O/ ?4 l) u. I& L% x8 c' {they develop the projects over the next three years and to maintain
* Q% n4 {$ I5 `an Alberta head office for operating companies associated with the
6 ?! D3 E. I6 @) Wprojects for the next five years.1 a! y+ K2 V6 |; E
(The Canadian Press) |
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