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OTTAWA - Ottawa has given its blessing to the sale of properties
: p. t5 L1 i2 gowned by Athabasca Oil Sands Corp. to a Chinese company.
0 J' ?! q- d, A$ I- t9 E Federal Industry Minister Tony Clement says he has reviewed the
% D% @. [7 k/ @/ \, x, m* J4 edeal between Athabasca and PetroChina International Investment Co.9 Y& M1 o/ p8 m6 z3 G+ Z, ~" o
Ltd. and finds its is likely to be of net benefit to Canada.' F8 ]. Z @3 K5 [9 E, ~
Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 [# q0 S! |# l0 J$ \! Z
made a number of significant commitments should they be allowed to
9 v5 B4 x9 ~5 l# U3 p# I! `acquire control of the MacKay and Dover oil sands projects.
, y2 G, {) q: F/ F5 P# x Among other things, the Chinese concerns have agreed to capital
) [2 w. R# C. Y3 M, |" Pexpenditures in excess of $250 million for developing the properties2 P% U4 ]- Y8 D4 K. \
over the next three years.. W; Z" Z- f) k
They have also pledged to increase employment levels in Canada as3 y0 y! {6 @7 v8 k; {9 ?8 p
they develop the projects over the next three years and to maintain9 Q; B1 F( |1 C/ S; V" Q
an Alberta head office for operating companies associated with the
0 c, v) V: Q3 _projects for the next five years., l9 W( U, k$ U' w
(The Canadian Press) |
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