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OTTAWA - Ottawa has given its blessing to the sale of properties# v+ N9 ]" Z0 h1 s$ T
owned by Athabasca Oil Sands Corp. to a Chinese company.; e% D3 _" n6 T1 I$ I0 R
Federal Industry Minister Tony Clement says he has reviewed the7 ^. x* v2 I7 ?) u$ T* p2 p: D- k
deal between Athabasca and PetroChina International Investment Co.
) B1 }1 o( s* [1 K; X5 qLtd. and finds its is likely to be of net benefit to Canada.: m- V. p. J/ ~6 H: Q% l: S9 A
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, j. m: S' Q' B- O H& d6 E4 j9 ~6 J
made a number of significant commitments should they be allowed to9 r: i* \! [: z2 M5 k' ]1 y+ q
acquire control of the MacKay and Dover oil sands projects.' B2 R. X# n& x. M
Among other things, the Chinese concerns have agreed to capital
& r* t( d. w: y( B" Vexpenditures in excess of $250 million for developing the properties$ l# z: q7 C# u, I7 Z: s* Q8 q
over the next three years.
3 a2 U$ u# ?+ ?6 |5 b; x9 i; Y They have also pledged to increase employment levels in Canada as: I1 a* {, s6 L7 O2 N. {( \5 c8 t, ^
they develop the projects over the next three years and to maintain S- |! Y$ S9 S, i y: d4 c: [2 N
an Alberta head office for operating companies associated with the) @" |5 [2 A! b! Y
projects for the next five years.
6 q2 N x6 Z3 {6 P- f6 L (The Canadian Press) |
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