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OTTAWA - Ottawa has given its blessing to the sale of properties6 X' [6 G, ]- M) b# P
owned by Athabasca Oil Sands Corp. to a Chinese company.1 u0 I3 m }5 U% m# M7 o; J
Federal Industry Minister Tony Clement says he has reviewed the
' f* K0 l9 R% {4 D v4 \7 h. [deal between Athabasca and PetroChina International Investment Co.3 z _& W5 t8 m4 H& h
Ltd. and finds its is likely to be of net benefit to Canada.
( m- b+ l+ z- c; [" t) ]' s' _( \ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ l$ [7 |( _3 e0 umade a number of significant commitments should they be allowed to
, u# J# R8 ^1 W& m4 Bacquire control of the MacKay and Dover oil sands projects.0 T( t. m9 D9 k2 t# J$ K: q. o
Among other things, the Chinese concerns have agreed to capital
# k8 ?6 @0 U% j( y: v% Kexpenditures in excess of $250 million for developing the properties
+ n1 |1 p0 ^/ L! ^over the next three years.
/ f, F+ I; Q0 u5 `( b9 h They have also pledged to increase employment levels in Canada as" l6 c" C& ?- `
they develop the projects over the next three years and to maintain- l! A0 D; D Y0 r
an Alberta head office for operating companies associated with the
- A, U% [! a6 T8 v( r' Z7 J0 Gprojects for the next five years.
) D, Q: x2 i" m (The Canadian Press) |
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