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OTTAWA - Ottawa has given its blessing to the sale of properties
! S2 ^2 Q& w8 M. N B& c, _" D3 Nowned by Athabasca Oil Sands Corp. to a Chinese company.
& g* `$ `+ G2 n) Z Federal Industry Minister Tony Clement says he has reviewed the7 I" D; X7 p; R1 I. x8 l
deal between Athabasca and PetroChina International Investment Co.4 o2 ~7 s# u0 N( \7 X' |5 W+ f
Ltd. and finds its is likely to be of net benefit to Canada.
$ p) |7 z- _7 c Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ _" P& i: V! G/ {9 _# m" Kmade a number of significant commitments should they be allowed to
6 n7 G# }! U& E4 Q, tacquire control of the MacKay and Dover oil sands projects.1 y, w$ j& v' [* j8 s- _
Among other things, the Chinese concerns have agreed to capital f, c7 S/ f4 g
expenditures in excess of $250 million for developing the properties" \. J$ n3 j* R% \ B+ I
over the next three years.+ h Q4 v5 @1 ~ w
They have also pledged to increase employment levels in Canada as
- {2 [+ z7 E$ Qthey develop the projects over the next three years and to maintain
T j: {- H( R! G4 van Alberta head office for operating companies associated with the
2 a8 j4 x# P1 c5 @6 ~( d Aprojects for the next five years.
5 B/ I+ [: L2 s( {- A! I: m2 @7 _ (The Canadian Press) |
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