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OTTAWA - Ottawa has given its blessing to the sale of properties+ e3 J W% K: E. W: l' h6 U% a' X
owned by Athabasca Oil Sands Corp. to a Chinese company.6 \" A* r1 X6 D$ K' P. u: q0 X, @
Federal Industry Minister Tony Clement says he has reviewed the
5 J" ?, P( U' a% ldeal between Athabasca and PetroChina International Investment Co.7 B+ o2 k: L: u, n. e) p4 _% R
Ltd. and finds its is likely to be of net benefit to Canada.! Q1 L# Y2 @% {) X! l6 r$ H
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& v1 r7 g" q* I6 `' q7 K
made a number of significant commitments should they be allowed to$ {! R8 ^, C0 M0 |9 m# e$ Y4 O
acquire control of the MacKay and Dover oil sands projects.
$ h3 D% c# e! Z$ ~* S Among other things, the Chinese concerns have agreed to capital
" w$ w& T2 }( V7 O7 x) rexpenditures in excess of $250 million for developing the properties
( o& A( r$ C, j4 V3 Vover the next three years.9 g. Y9 ?/ T6 H% E2 \
They have also pledged to increase employment levels in Canada as
, n0 u$ B) y& D* Qthey develop the projects over the next three years and to maintain
8 Z+ S7 M. p6 K( H/ s. F/ V1 q# Han Alberta head office for operating companies associated with the
. `8 {% B/ H3 `6 y4 A+ Aprojects for the next five years.4 z) o# c) W2 X9 r
(The Canadian Press) |
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