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OTTAWA - Ottawa has given its blessing to the sale of properties, f3 [3 H6 P3 x% p4 P5 d( ~* B
owned by Athabasca Oil Sands Corp. to a Chinese company.; C$ I: B6 i6 z- g3 [
Federal Industry Minister Tony Clement says he has reviewed the
2 m7 ~/ f! u* ]deal between Athabasca and PetroChina International Investment Co./ `# P- w% m; x3 y; h5 _; J
Ltd. and finds its is likely to be of net benefit to Canada.! M: y1 s6 p( p3 K. X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 j( Y) c* {/ l% {4 j
made a number of significant commitments should they be allowed to7 r B0 ?+ t8 a9 s6 Y. l4 y
acquire control of the MacKay and Dover oil sands projects.- ]. P3 Z, I" [4 y% f$ l) x, `5 S: C
Among other things, the Chinese concerns have agreed to capital! q: T! P( j4 w/ x, G9 \
expenditures in excess of $250 million for developing the properties4 Z/ ?! e/ C5 u l" [2 n- I: r
over the next three years.7 q% D+ P; e8 H
They have also pledged to increase employment levels in Canada as9 z6 K* D; u5 N w$ J$ A( S; f5 A
they develop the projects over the next three years and to maintain5 \7 B) ^( r1 P: @
an Alberta head office for operating companies associated with the
0 R6 s0 O: O8 f% F8 A: {" Jprojects for the next five years.3 Z5 d# P9 K5 c6 ~& m
(The Canadian Press) |
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