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OTTAWA - Ottawa has given its blessing to the sale of properties
& a% k( F. U: I% h+ L/ xowned by Athabasca Oil Sands Corp. to a Chinese company.$ r* N C" a7 ?
Federal Industry Minister Tony Clement says he has reviewed the. e; X0 c- G; X
deal between Athabasca and PetroChina International Investment Co. U4 ^( ^5 F$ t! T. A$ B1 }
Ltd. and finds its is likely to be of net benefit to Canada.
2 }: W( V- l6 p; u( |1 ] Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, E" g/ i$ J, D, p" v" Nmade a number of significant commitments should they be allowed to% m+ s) W' v. w' Q4 A% e& ^+ h0 ?
acquire control of the MacKay and Dover oil sands projects., {9 N1 q! c/ J5 |! O& T
Among other things, the Chinese concerns have agreed to capital+ w7 \* E- t0 w
expenditures in excess of $250 million for developing the properties
6 H/ K0 U0 a5 g& R; ^over the next three years./ V; Y+ a$ G- d, G1 u1 c# ?
They have also pledged to increase employment levels in Canada as
. e8 ~2 N' m0 f# [0 Pthey develop the projects over the next three years and to maintain
7 H$ l4 @6 ?& jan Alberta head office for operating companies associated with the
3 |! W; j9 e/ t0 ~projects for the next five years.. @8 h* B% l2 ]6 L+ A/ Q/ k
(The Canadian Press) |
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