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OTTAWA - Ottawa has given its blessing to the sale of properties
6 ]. P! s. L; B* Gowned by Athabasca Oil Sands Corp. to a Chinese company.
1 n* I# d8 X$ V1 ~8 n+ h Federal Industry Minister Tony Clement says he has reviewed the! \8 V- o; Z8 J8 v8 I1 s
deal between Athabasca and PetroChina International Investment Co.( x! \. o5 K* d: h
Ltd. and finds its is likely to be of net benefit to Canada.- t$ _- j0 z1 b% P. y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) i/ ~7 e6 G5 p0 b
made a number of significant commitments should they be allowed to, B+ H9 o% [ \
acquire control of the MacKay and Dover oil sands projects.' ?/ j0 \2 o9 L& h6 { y1 U
Among other things, the Chinese concerns have agreed to capital, G# t+ ~& D: s
expenditures in excess of $250 million for developing the properties. F9 }: m7 t# H2 `
over the next three years.0 }4 R" m( B5 ~# v
They have also pledged to increase employment levels in Canada as
! G" t6 ~" }/ y$ n) d( G8 m( lthey develop the projects over the next three years and to maintain6 [1 l8 T4 Z$ k* e' i
an Alberta head office for operating companies associated with the9 S I$ E7 u' i% d- p4 [
projects for the next five years.# t" w6 W0 Y9 g" X
(The Canadian Press) |
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