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OTTAWA - Ottawa has given its blessing to the sale of properties" S! |4 N' ]# G1 V
owned by Athabasca Oil Sands Corp. to a Chinese company.
) O* O) b: t7 G* ^* \ Federal Industry Minister Tony Clement says he has reviewed the
( P8 D5 w" z$ edeal between Athabasca and PetroChina International Investment Co.
+ K$ R0 @" P3 S4 L& |+ o! M) k4 \. `Ltd. and finds its is likely to be of net benefit to Canada.
) m0 j6 z) i Y0 `9 g* t( u Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% E7 `% J0 T! \3 v) J2 y2 |made a number of significant commitments should they be allowed to
& K( y' I/ O) s. D5 ]acquire control of the MacKay and Dover oil sands projects.- ?! R; w' l3 ] d! J" O
Among other things, the Chinese concerns have agreed to capital/ Q# E, x( h/ L# Z) A. q$ T
expenditures in excess of $250 million for developing the properties
3 g7 \% X- _. S2 E0 {+ Zover the next three years.: e1 t* s6 C2 O( y( E& F* `9 o
They have also pledged to increase employment levels in Canada as8 c, _) T D" f' W
they develop the projects over the next three years and to maintain/ `' _5 b/ Q/ C4 W& I W
an Alberta head office for operating companies associated with the
# f$ R& Y/ {, @0 D' S Nprojects for the next five years.
) ~; q- B2 s9 f! @" e5 |7 o (The Canadian Press) |
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