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OTTAWA - Ottawa has given its blessing to the sale of properties
+ D1 c: b; \% P; Aowned by Athabasca Oil Sands Corp. to a Chinese company.
. c) D2 i# b" U# g3 ^/ n5 a Federal Industry Minister Tony Clement says he has reviewed the( m) D0 V+ F B
deal between Athabasca and PetroChina International Investment Co.
# B$ x3 r0 J. W; dLtd. and finds its is likely to be of net benefit to Canada.+ G9 S* ?# n2 D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ I7 y7 N" E" L$ T7 H
made a number of significant commitments should they be allowed to
9 D. S+ b) i$ `! e2 n+ ]+ aacquire control of the MacKay and Dover oil sands projects." I2 S2 a( P) a" ~4 q
Among other things, the Chinese concerns have agreed to capital; M& W4 w2 H9 i" L: n4 w7 ~
expenditures in excess of $250 million for developing the properties5 j7 ^$ @5 u7 f c! ]4 b( J. t" U
over the next three years.
# p6 P: ~- i) M They have also pledged to increase employment levels in Canada as
6 {4 [* e3 T2 q `6 Qthey develop the projects over the next three years and to maintain
: Y; y! k1 @; B- D! b Yan Alberta head office for operating companies associated with the
4 e; |; H: n# r) j. dprojects for the next five years.1 f, _* O) U/ d1 W, x3 k
(The Canadian Press) |
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