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OTTAWA - Ottawa has given its blessing to the sale of properties7 d& i$ S8 W1 g5 j
owned by Athabasca Oil Sands Corp. to a Chinese company.' S2 E6 H7 M- m7 u7 K5 ^% Y) A- E
Federal Industry Minister Tony Clement says he has reviewed the
' {+ D4 Y7 j2 W$ D8 p- adeal between Athabasca and PetroChina International Investment Co.
3 o, x' q" @7 s3 iLtd. and finds its is likely to be of net benefit to Canada.
2 R2 ^1 v" T% [1 z" p Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 t9 U0 q! |1 m! Qmade a number of significant commitments should they be allowed to- T' v3 n1 A% Q# g Y
acquire control of the MacKay and Dover oil sands projects.
A, B! Y5 q# T I Among other things, the Chinese concerns have agreed to capital4 r6 [0 [0 I) `0 ~
expenditures in excess of $250 million for developing the properties
! t& z: Z' u. r" V d* \9 Pover the next three years.2 e4 C7 E7 t! L7 y
They have also pledged to increase employment levels in Canada as
8 U2 T& a% n( L. v0 mthey develop the projects over the next three years and to maintain# H. A, C7 V3 z/ |5 H
an Alberta head office for operating companies associated with the' ^- y" @, ?* p, X
projects for the next five years.+ G3 N h' R& e. X: N' X( c
(The Canadian Press) |
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