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OTTAWA - Ottawa has given its blessing to the sale of properties& r: y% Z _0 m# _
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 M5 J2 m" [+ ]6 H- L+ H Federal Industry Minister Tony Clement says he has reviewed the
# L$ h) Z, x [, [* G8 U: xdeal between Athabasca and PetroChina International Investment Co.0 H* Q r* N5 N n, V: \
Ltd. and finds its is likely to be of net benefit to Canada.
, N- c0 P( P# w& [ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% h- C/ S7 i$ D( m+ H% N$ @5 [* nmade a number of significant commitments should they be allowed to4 n0 F. y) D [/ z
acquire control of the MacKay and Dover oil sands projects.
8 ~ t: ]! [7 p& U5 n v j+ O L% P Among other things, the Chinese concerns have agreed to capital
+ X. [% M# x* Aexpenditures in excess of $250 million for developing the properties7 h1 I+ t. h2 ]! U
over the next three years.
# P( v& {' s, p& S$ n/ Z. I They have also pledged to increase employment levels in Canada as
6 O" W1 K% [7 V5 sthey develop the projects over the next three years and to maintain
" r6 u; v: f7 h# M1 U& Uan Alberta head office for operating companies associated with the! _: b6 B. ?6 x( s
projects for the next five years.( H$ \! |( R7 S O4 n; E# z1 h* L
(The Canadian Press) |
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