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OTTAWA - Ottawa has given its blessing to the sale of properties0 D, a3 S) y% g* b
owned by Athabasca Oil Sands Corp. to a Chinese company.
0 r0 I1 F3 ]) U \+ Z0 e Federal Industry Minister Tony Clement says he has reviewed the
% W# |" ^7 ^1 ^* wdeal between Athabasca and PetroChina International Investment Co.- B7 ?; J& e+ q6 e# y
Ltd. and finds its is likely to be of net benefit to Canada.
2 c( H2 ^; j- F2 J& h Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* @3 t7 [7 s8 [; y! A: Kmade a number of significant commitments should they be allowed to
% u u# D" _( O, {$ \acquire control of the MacKay and Dover oil sands projects.( ?/ X2 c- m+ l" M$ v8 `- E
Among other things, the Chinese concerns have agreed to capital
) r$ U' M' t0 K7 |; v$ Wexpenditures in excess of $250 million for developing the properties/ \4 [1 J$ r N! o3 M
over the next three years.
. V/ i8 o1 g4 a! l# y* L They have also pledged to increase employment levels in Canada as
5 U* [. k' D) J$ lthey develop the projects over the next three years and to maintain/ R' L. l" |" V. f
an Alberta head office for operating companies associated with the
- {/ O* r7 Q* a" Dprojects for the next five years.0 Y( v- x- ]) U, F/ X
(The Canadian Press) |
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