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OTTAWA - Ottawa has given its blessing to the sale of properties
0 t. W) Y5 ~+ Rowned by Athabasca Oil Sands Corp. to a Chinese company.2 `; B* z3 X1 a/ B* m$ U
Federal Industry Minister Tony Clement says he has reviewed the; u' F" Q( H+ A" I
deal between Athabasca and PetroChina International Investment Co.) X7 ~9 z$ J& [1 u1 n$ X
Ltd. and finds its is likely to be of net benefit to Canada.9 C* a/ I# \, |
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 w6 j$ ^: \' Gmade a number of significant commitments should they be allowed to% E; M: C# ~ Q! p
acquire control of the MacKay and Dover oil sands projects.
7 |7 A. z5 n# }' q/ m Among other things, the Chinese concerns have agreed to capital
- w& [" m/ f0 y* g2 k' w5 k6 ~% U- Rexpenditures in excess of $250 million for developing the properties
' s8 R* B5 U# p: A& |over the next three years.
/ n- N# t1 x9 ~8 `" S% K0 \ They have also pledged to increase employment levels in Canada as, {- V3 Y; T4 x: Q
they develop the projects over the next three years and to maintain' _9 Q, g, @2 h: C
an Alberta head office for operating companies associated with the
4 j' n5 f. ]# u+ X3 ?8 Pprojects for the next five years.& C2 Q! U( T C, F' h1 m8 k5 B) I! C
(The Canadian Press) |
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