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OTTAWA - Ottawa has given its blessing to the sale of properties
0 n) Q$ ^7 }0 Z* Q" qowned by Athabasca Oil Sands Corp. to a Chinese company.
5 o6 ]* f. Z8 |2 y0 H# b% r Federal Industry Minister Tony Clement says he has reviewed the0 Y. Q1 F: s3 k
deal between Athabasca and PetroChina International Investment Co.. P, G$ G# _) j& N
Ltd. and finds its is likely to be of net benefit to Canada.
/ u4 e/ S% a( S9 t/ H5 ] Clement says PetroChina and its parent, PetroChina Co. Ltd., have% c: v1 a! f6 F& G9 C
made a number of significant commitments should they be allowed to: G7 t: Y; ?) {$ I$ A1 i# n, l
acquire control of the MacKay and Dover oil sands projects.
" e2 N/ W" h+ z1 A1 W, H8 d Among other things, the Chinese concerns have agreed to capital
1 |# {) C3 `4 r' H2 Mexpenditures in excess of $250 million for developing the properties
" O0 r" t- N$ h/ K/ R1 Zover the next three years.2 j' `& Z; O- M/ \' A/ v
They have also pledged to increase employment levels in Canada as4 F( ]7 `% r* I5 P1 D# w; j
they develop the projects over the next three years and to maintain
1 [* [/ M/ v6 ran Alberta head office for operating companies associated with the+ q p# k. z% Q Z! T
projects for the next five years.0 ^2 k* k9 t7 n: b0 D
(The Canadian Press) |
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