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OTTAWA - Ottawa has given its blessing to the sale of properties+ ^2 g5 z0 P- g+ n0 n1 L2 \. P
owned by Athabasca Oil Sands Corp. to a Chinese company.
! z; R$ z5 u9 z1 I5 n Federal Industry Minister Tony Clement says he has reviewed the5 F2 B5 L. w' q8 N; L$ F
deal between Athabasca and PetroChina International Investment Co.
8 x) e' W2 s% |# X2 h3 tLtd. and finds its is likely to be of net benefit to Canada.
& ~/ U' A \" c% O! c Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 i4 ~- z5 L' _- x) a+ Y- R
made a number of significant commitments should they be allowed to
/ F& v( Z4 S- p( \7 Q+ Qacquire control of the MacKay and Dover oil sands projects.! q7 \# I/ B2 j8 n
Among other things, the Chinese concerns have agreed to capital C" ?& O0 C4 o, A, [: k
expenditures in excess of $250 million for developing the properties. ^2 t6 |& L* K' z- w7 y0 R* n9 A
over the next three years.: z% u8 l0 X! v& F
They have also pledged to increase employment levels in Canada as
# e& ?7 ]" H& D& R: u, h& @% [they develop the projects over the next three years and to maintain+ S/ P$ K7 \5 P
an Alberta head office for operating companies associated with the
9 j: i. ]8 ?9 e% _) V7 lprojects for the next five years.& E! @) n, ~* r# \( \' g6 f
(The Canadian Press) |
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