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OTTAWA - Ottawa has given its blessing to the sale of properties$ }3 x: _; @) C3 j% g
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 Q! y$ }! U4 Q8 _. A+ p' J4 g Federal Industry Minister Tony Clement says he has reviewed the
. J1 X) b7 f/ M% W9 Kdeal between Athabasca and PetroChina International Investment Co.
+ p, Z) a: r1 m& B& JLtd. and finds its is likely to be of net benefit to Canada.2 |, }, }8 W |% r4 t$ |+ b
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 ~6 ^: C3 B8 Tmade a number of significant commitments should they be allowed to
' T& f) I f/ V1 K4 A+ Bacquire control of the MacKay and Dover oil sands projects.
# V3 x# R$ o7 U Among other things, the Chinese concerns have agreed to capital/ J" g! {9 ^, [8 c+ j) j8 ]6 O
expenditures in excess of $250 million for developing the properties* \* D, @. W- A' k8 @
over the next three years.
% X& r a4 Q6 g% d6 L* u They have also pledged to increase employment levels in Canada as
2 ~' |% v7 S |9 \they develop the projects over the next three years and to maintain
7 U. `( ^: ^, s, kan Alberta head office for operating companies associated with the
. q# c8 I6 j" J) E$ ]projects for the next five years.- c& e7 |* g2 o& ~
(The Canadian Press) |
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