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OTTAWA - Ottawa has given its blessing to the sale of properties
% S) ~2 x$ a2 j6 Jowned by Athabasca Oil Sands Corp. to a Chinese company.& G" A+ }! j( K5 t/ `
Federal Industry Minister Tony Clement says he has reviewed the( F3 c% @9 F4 N. k' l( u( n/ v
deal between Athabasca and PetroChina International Investment Co.3 h& I Y# ~% Y4 u* Y
Ltd. and finds its is likely to be of net benefit to Canada.
6 L" s& W. L4 E. W Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 D- R9 j$ p( u/ \ X) W9 N
made a number of significant commitments should they be allowed to
; G5 E* R5 \( K1 ?! c& c5 |acquire control of the MacKay and Dover oil sands projects.
* E6 M' y, y: q Among other things, the Chinese concerns have agreed to capital
' ^% ^9 j# G1 w$ v1 W9 I# |! c! D# yexpenditures in excess of $250 million for developing the properties9 i' [5 |7 s2 F8 D4 g% w( s
over the next three years.
F$ |: J. C$ u) c% ` They have also pledged to increase employment levels in Canada as& P- b& ~, _5 s. W: Z- a( x
they develop the projects over the next three years and to maintain9 H, _ G% l- `9 I) ?( b
an Alberta head office for operating companies associated with the$ [8 Y( o' O, X
projects for the next five years.! P$ }* L5 a$ E( E P/ E5 x
(The Canadian Press) |
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