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OTTAWA - Ottawa has given its blessing to the sale of properties
0 }! H6 m, H' c; Z$ L+ j( Aowned by Athabasca Oil Sands Corp. to a Chinese company.
2 A- ~7 a* {% u2 {& x Federal Industry Minister Tony Clement says he has reviewed the% N! o4 w( m$ g) h/ k# k
deal between Athabasca and PetroChina International Investment Co.
* a0 T0 G5 ~* ?, p: @Ltd. and finds its is likely to be of net benefit to Canada.
% ^0 n! t$ G9 E Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% R# \" P/ V3 _- W+ \4 Dmade a number of significant commitments should they be allowed to
* i0 I( b: @1 sacquire control of the MacKay and Dover oil sands projects.
1 j6 B) O- J' {7 @8 H6 s& D. d Among other things, the Chinese concerns have agreed to capital
1 W3 J( p% \+ o3 \' Rexpenditures in excess of $250 million for developing the properties
5 C C f( R m& Q* q3 [6 hover the next three years.% b4 N' a/ q: J1 Q- b3 h$ f' R
They have also pledged to increase employment levels in Canada as6 L" k& g+ e$ k' A
they develop the projects over the next three years and to maintain& s3 y) X+ N" T; b; r
an Alberta head office for operating companies associated with the( w# ?" n8 h4 Q$ |1 g' e; h: g
projects for the next five years.$ O7 Y6 L5 Z. X) F
(The Canadian Press) |
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