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OTTAWA - Ottawa has given its blessing to the sale of properties
% Q0 K5 P+ L9 _. iowned by Athabasca Oil Sands Corp. to a Chinese company.1 K- h, E$ n! E6 }/ _! ^
Federal Industry Minister Tony Clement says he has reviewed the
7 {# b4 z) h3 v8 k& q4 Ndeal between Athabasca and PetroChina International Investment Co.
9 M* k7 `' Q' wLtd. and finds its is likely to be of net benefit to Canada.* G2 v/ h3 {* `( k) ^1 {; q
Clement says PetroChina and its parent, PetroChina Co. Ltd., have; ` I8 `1 F' ~1 N* v+ z
made a number of significant commitments should they be allowed to2 _2 l" o" \2 N
acquire control of the MacKay and Dover oil sands projects.2 E# |. O' x( T5 {" B# ]
Among other things, the Chinese concerns have agreed to capital
5 l" H, `6 ]: y' z2 O: F, [expenditures in excess of $250 million for developing the properties7 u7 {* H/ c, f4 @% ~7 @
over the next three years. S; v* i0 f% P4 h1 Q
They have also pledged to increase employment levels in Canada as
/ q) Y; i: }- w6 U2 |& K$ V7 Fthey develop the projects over the next three years and to maintain
o8 S( D& @' ]- v4 V6 g2 [$ fan Alberta head office for operating companies associated with the
1 X! E* R0 b& ~projects for the next five years.
4 k% \" ]% V3 x$ U; \" u+ r& T5 S (The Canadian Press) |
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