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OTTAWA - Ottawa has given its blessing to the sale of properties: z5 P t: j6 U" |; S
owned by Athabasca Oil Sands Corp. to a Chinese company.
; \; T" f! a7 @- K- \ Federal Industry Minister Tony Clement says he has reviewed the* q4 d( M' Y4 ]
deal between Athabasca and PetroChina International Investment Co.
; C3 r7 T9 Z" r4 n; h% t, E7 Q6 dLtd. and finds its is likely to be of net benefit to Canada.
7 _( W& ]+ p. m Clement says PetroChina and its parent, PetroChina Co. Ltd., have. [* L9 b7 N4 P1 S/ g
made a number of significant commitments should they be allowed to
2 j& T' G- K Y+ @acquire control of the MacKay and Dover oil sands projects.2 X: ^' |/ A3 j2 a
Among other things, the Chinese concerns have agreed to capital
, i& E+ r; `: f8 ~expenditures in excess of $250 million for developing the properties/ ^4 ]9 x+ m6 n, `% O% i* {8 @
over the next three years.+ y4 D; r: l( u2 k x6 z
They have also pledged to increase employment levels in Canada as
2 b- s2 g( S. B; e; m3 Jthey develop the projects over the next three years and to maintain
h! Q1 G; o# R: H$ ]9 gan Alberta head office for operating companies associated with the) r& n4 M5 }* i( i, g& T# Q
projects for the next five years.: i/ L& q5 D. _7 B9 |
(The Canadian Press) |
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