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OTTAWA - Ottawa has given its blessing to the sale of properties
+ c' v4 |+ C4 a4 m5 k2 `( zowned by Athabasca Oil Sands Corp. to a Chinese company.
; q7 ^! ]. `/ _ Federal Industry Minister Tony Clement says he has reviewed the
$ z: L, c3 e8 P) P. Vdeal between Athabasca and PetroChina International Investment Co.
6 `) V0 G y A, l/ SLtd. and finds its is likely to be of net benefit to Canada.9 }( z$ |7 z4 }8 M, W* b
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& p& t1 h% V* D& D6 B
made a number of significant commitments should they be allowed to
! K" P ~1 k" G1 Y& i' jacquire control of the MacKay and Dover oil sands projects.1 G3 }* {" a$ @
Among other things, the Chinese concerns have agreed to capital+ N" |" e+ I0 ?. m) b/ ^
expenditures in excess of $250 million for developing the properties3 E( X, q$ J {4 f/ @
over the next three years.
% d% V" b/ k5 e; e: e' I% ] They have also pledged to increase employment levels in Canada as
c7 L9 G% ~& U) uthey develop the projects over the next three years and to maintain
- M( m0 j# G" X* C7 @+ a$ |an Alberta head office for operating companies associated with the
+ {; [# x5 Q Y3 Aprojects for the next five years.
1 @5 A C6 w. D (The Canadian Press) |
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