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OTTAWA - Ottawa has given its blessing to the sale of properties, W P3 N* O1 w) C; B4 L
owned by Athabasca Oil Sands Corp. to a Chinese company., x I$ D" [: }0 t: ~
Federal Industry Minister Tony Clement says he has reviewed the
9 T' \- d& }) K& y& k( A7 A8 l4 f: x6 @/ ndeal between Athabasca and PetroChina International Investment Co.2 b4 }# ~4 o( R# ^% C8 j- R
Ltd. and finds its is likely to be of net benefit to Canada.
' H" y8 m6 `$ U, l7 C4 R' k' G Clement says PetroChina and its parent, PetroChina Co. Ltd., have! r1 B" m U" Q$ _2 o' Q, S
made a number of significant commitments should they be allowed to: ?/ \: z# R( J9 W \1 o$ I7 F/ u
acquire control of the MacKay and Dover oil sands projects.8 y4 q& t" @5 f6 l! E: `/ N0 z
Among other things, the Chinese concerns have agreed to capital
2 { u k7 F: }6 f$ f% Rexpenditures in excess of $250 million for developing the properties
2 P* n& W) S1 |over the next three years.6 z! R+ S8 w& V- i
They have also pledged to increase employment levels in Canada as
1 H' }, N c2 }& v4 ~4 I/ R) Athey develop the projects over the next three years and to maintain9 ] |% R( p- J) x
an Alberta head office for operating companies associated with the
5 {, k) Z3 D" f; fprojects for the next five years., B3 ~( R5 K- K( \7 Q
(The Canadian Press) |
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