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OTTAWA - Ottawa has given its blessing to the sale of properties" _0 ]- \+ T, M# `4 O ^
owned by Athabasca Oil Sands Corp. to a Chinese company.
8 g0 n5 U/ K% O' x. O4 K. p Federal Industry Minister Tony Clement says he has reviewed the
* E, y9 D6 \, ~8 B2 q1 \$ H2 Adeal between Athabasca and PetroChina International Investment Co.
. J, ^' j$ O8 R0 r; hLtd. and finds its is likely to be of net benefit to Canada.# p5 ~4 x; `( e4 k+ N
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 i4 y% M. c3 k+ g# h. \made a number of significant commitments should they be allowed to
, u/ q6 z4 F% e% }2 D. x5 v" Nacquire control of the MacKay and Dover oil sands projects.& v3 v. F6 V% ~( Q
Among other things, the Chinese concerns have agreed to capital
' F0 {/ }. w* i4 Rexpenditures in excess of $250 million for developing the properties
9 m. [* w( y U+ zover the next three years.2 z" b0 z" q! G' b& Y9 `& i/ A9 Y; Z
They have also pledged to increase employment levels in Canada as
% U# I7 E2 F+ {5 V4 I) ]$ Sthey develop the projects over the next three years and to maintain* Y! |7 p3 Z/ _( t' y' |
an Alberta head office for operating companies associated with the
( i4 i+ ~, t; `3 Dprojects for the next five years.7 B( A j- b1 _& l' y: u
(The Canadian Press) |
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