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OTTAWA - Ottawa has given its blessing to the sale of properties1 u8 P% C# E4 G$ N2 G- W( K
owned by Athabasca Oil Sands Corp. to a Chinese company.8 [: }1 v, p8 M/ N" k5 V
Federal Industry Minister Tony Clement says he has reviewed the
6 [0 d4 X) w4 n: O1 Wdeal between Athabasca and PetroChina International Investment Co.
% c) r/ h) t5 f4 k- p1 rLtd. and finds its is likely to be of net benefit to Canada.$ u2 n, u, V x) w
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 ]8 Y. h5 l: {" ~: zmade a number of significant commitments should they be allowed to& a, Q$ U7 K6 ?# M
acquire control of the MacKay and Dover oil sands projects.# B u0 G7 Y1 w+ H' X9 F: g
Among other things, the Chinese concerns have agreed to capital
! ~3 P v- ]& gexpenditures in excess of $250 million for developing the properties4 n- D: L% l1 H' w5 H9 D4 H$ K
over the next three years.: A# R' s2 r* r9 A% y. z
They have also pledged to increase employment levels in Canada as% f' b/ R1 P& H: u
they develop the projects over the next three years and to maintain' w( L5 |* S7 D1 D* Q5 |, j
an Alberta head office for operating companies associated with the
4 R) {2 H8 L0 f1 x# L% z, ^projects for the next five years.
! o# Y% |8 P# U0 ^ (The Canadian Press) |
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