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OTTAWA - Ottawa has given its blessing to the sale of properties
) Q1 [3 R, o+ N+ }" b8 bowned by Athabasca Oil Sands Corp. to a Chinese company.# L; r* g+ C6 [, B7 I
Federal Industry Minister Tony Clement says he has reviewed the7 y5 y/ s7 k0 t4 @1 Y( K% D7 C
deal between Athabasca and PetroChina International Investment Co.
5 U5 k: l$ M8 J _4 }& f% g w2 sLtd. and finds its is likely to be of net benefit to Canada.5 Z M+ V4 Q; n' ?1 i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have( h8 n' ~: [* j' s. M. n) f
made a number of significant commitments should they be allowed to/ ^9 ? c& h9 O0 P! v
acquire control of the MacKay and Dover oil sands projects.2 D% H" \$ Y6 a
Among other things, the Chinese concerns have agreed to capital
3 I) b1 Q) |2 r$ p0 O4 w/ R7 l3 d2 lexpenditures in excess of $250 million for developing the properties4 R* r$ I" d ]" k
over the next three years.
0 h, ~) J! Y3 n5 V% E6 w- m They have also pledged to increase employment levels in Canada as+ K8 @5 \* Z% W6 b
they develop the projects over the next three years and to maintain+ s/ d4 F l8 |; {
an Alberta head office for operating companies associated with the
0 W. _ }/ m* R" x; a, o& M# M. xprojects for the next five years.
4 `* T; ?6 |) q0 X7 k( @5 J1 `; G$ R (The Canadian Press) |
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