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OTTAWA - Ottawa has given its blessing to the sale of properties% R+ Q7 q4 ]. C0 Q* d" J* y
owned by Athabasca Oil Sands Corp. to a Chinese company.! x7 h. p" z5 F8 g
Federal Industry Minister Tony Clement says he has reviewed the
9 s6 j4 d' e* z+ l' |& xdeal between Athabasca and PetroChina International Investment Co.
; |. ]+ \3 Z# F' ^, t ]4 p3 aLtd. and finds its is likely to be of net benefit to Canada.
1 p2 i5 Q6 A( m( o5 I. G Clement says PetroChina and its parent, PetroChina Co. Ltd., have& Y- {) |. F+ F0 X% K
made a number of significant commitments should they be allowed to
7 m$ Q) k! U" Q. eacquire control of the MacKay and Dover oil sands projects.* [) K; Y! L Q
Among other things, the Chinese concerns have agreed to capital
, m) @: v; I. s, d% f! kexpenditures in excess of $250 million for developing the properties1 ^0 ^5 l4 l# G2 ]
over the next three years.
2 b0 k# L3 G: \" }" | They have also pledged to increase employment levels in Canada as
7 V. g9 _0 F# k' \. fthey develop the projects over the next three years and to maintain
2 c: O( {1 Z% O+ N% Ran Alberta head office for operating companies associated with the8 G( o3 e4 s1 ]- E
projects for the next five years.1 P1 }# ]) k% j" R* h" y: W
(The Canadian Press) |
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