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OTTAWA - Ottawa has given its blessing to the sale of properties
! W4 T- C% Z6 W7 J/ v3 B; ]- Zowned by Athabasca Oil Sands Corp. to a Chinese company.1 s& w# {: V. J' I6 F" u& B
Federal Industry Minister Tony Clement says he has reviewed the
0 O* O( ?' M+ j8 _5 t% zdeal between Athabasca and PetroChina International Investment Co.
, N( ~' c& u/ v) }) OLtd. and finds its is likely to be of net benefit to Canada.
8 H+ ?1 E- d) V& @; [ |9 v) T Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 x( H B/ i4 m- G+ {) S: Emade a number of significant commitments should they be allowed to
. u2 n" m, Z, C! L8 ~5 Pacquire control of the MacKay and Dover oil sands projects.
8 ~( G" q! x! i) i; | Among other things, the Chinese concerns have agreed to capital
# J8 @5 |+ F' U* G0 c$ i- lexpenditures in excess of $250 million for developing the properties
! J7 \9 c% G" u! ^ lover the next three years.' _ M& P9 t! F
They have also pledged to increase employment levels in Canada as* w" U: s1 k; b& x5 F
they develop the projects over the next three years and to maintain( ~. n, [) i: O( c3 G W
an Alberta head office for operating companies associated with the& ^( S+ j. n# N. f
projects for the next five years.! ?; N; G6 \9 s
(The Canadian Press) |
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