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OTTAWA - Ottawa has given its blessing to the sale of properties* P6 x1 R: b5 n& A: }) F
owned by Athabasca Oil Sands Corp. to a Chinese company.0 p$ V- [* E, o/ C5 B0 O
Federal Industry Minister Tony Clement says he has reviewed the) l O! Q0 t$ M C
deal between Athabasca and PetroChina International Investment Co.
* \5 M* [) [7 C! dLtd. and finds its is likely to be of net benefit to Canada.
j! a P# f, s* C Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, G# K+ b1 W! ^' R7 ?made a number of significant commitments should they be allowed to. _- [. u: e% x1 L5 K- y
acquire control of the MacKay and Dover oil sands projects." @& Q: F N, A$ _* K, G( b% S
Among other things, the Chinese concerns have agreed to capital l! `/ s2 N# k
expenditures in excess of $250 million for developing the properties
' y' e0 ^5 X2 ] c, cover the next three years.! i" K e8 T! E- p
They have also pledged to increase employment levels in Canada as
v; W* ? P) othey develop the projects over the next three years and to maintain2 u5 \2 x' i) G, M
an Alberta head office for operating companies associated with the
) c& j( b) ? f. q0 Wprojects for the next five years.
3 \! g3 `- j& r' {, | (The Canadian Press) |
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