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OTTAWA - Ottawa has given its blessing to the sale of properties
$ a7 h2 y& }7 \. yowned by Athabasca Oil Sands Corp. to a Chinese company.
, L' n; k' L/ O% u8 @" q Federal Industry Minister Tony Clement says he has reviewed the y$ e' d; c4 |- M% I7 c" k
deal between Athabasca and PetroChina International Investment Co.8 s3 O0 ^2 G, q: P* G4 ~
Ltd. and finds its is likely to be of net benefit to Canada.
Y( }3 c% ^3 o( y4 Y& ^4 W Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 R6 n1 e ~2 B/ i
made a number of significant commitments should they be allowed to
5 ^9 u9 ~) y+ P+ t d4 t3 Gacquire control of the MacKay and Dover oil sands projects.
6 h/ w& @0 _9 y0 Q# r Among other things, the Chinese concerns have agreed to capital# l7 b$ ^7 D, o) j+ X
expenditures in excess of $250 million for developing the properties
2 T U8 k: B& M: }, B# q$ Sover the next three years.* m& o8 `/ A7 I2 ]" c
They have also pledged to increase employment levels in Canada as+ ~% n+ T! V4 m* d1 ^8 R+ W
they develop the projects over the next three years and to maintain5 @# J- |, y1 X# E
an Alberta head office for operating companies associated with the6 R5 ~6 W( Y" _
projects for the next five years.) C' m: n2 t( _8 A* \' ]9 n1 L
(The Canadian Press) |
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