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OTTAWA - Ottawa has given its blessing to the sale of properties/ Z' K. K/ z; H4 v. D
owned by Athabasca Oil Sands Corp. to a Chinese company.
8 g, S# j8 ` T M2 o Federal Industry Minister Tony Clement says he has reviewed the
' d* ]+ ]6 l! \ W5 M( w) L3 sdeal between Athabasca and PetroChina International Investment Co.5 `. I V+ d1 c! H4 V; |( w n3 k
Ltd. and finds its is likely to be of net benefit to Canada.
2 {, h# E+ V" X8 X0 o* J Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ p. v9 z+ {$ [) B/ P
made a number of significant commitments should they be allowed to
- n' O$ h7 e: c* Zacquire control of the MacKay and Dover oil sands projects.
; H) A0 x( s4 Q. c; T+ U. ` Among other things, the Chinese concerns have agreed to capital
8 Y" }) I0 f7 p2 uexpenditures in excess of $250 million for developing the properties
7 j0 M/ h% B* P4 g0 W( }, Tover the next three years.
' Z) J; \1 f$ k2 d" E* w9 q6 g They have also pledged to increase employment levels in Canada as
8 \8 X: j! B3 {. S& |& B* |, q: ?they develop the projects over the next three years and to maintain
& R5 [! Y# i0 ran Alberta head office for operating companies associated with the
! V8 `) A5 G' mprojects for the next five years.2 ^/ I6 g0 O7 i3 A. M7 z3 Z4 o
(The Canadian Press) |
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