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OTTAWA - Ottawa has given its blessing to the sale of properties, x. j& p0 e& G
owned by Athabasca Oil Sands Corp. to a Chinese company.
% B3 M1 a4 g; y3 x) \- z9 g! x: n Federal Industry Minister Tony Clement says he has reviewed the+ W" i3 A: b: i! Z/ r
deal between Athabasca and PetroChina International Investment Co.
0 A$ ?7 [$ m# |Ltd. and finds its is likely to be of net benefit to Canada.5 c: h3 \; u# F0 V- V% U
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& f+ ~ W5 d% {4 B( |. h: d0 z& Z) c
made a number of significant commitments should they be allowed to
8 m7 r2 ^+ {! z' j0 F8 P9 d6 Cacquire control of the MacKay and Dover oil sands projects.( S5 W3 p8 b8 x/ b
Among other things, the Chinese concerns have agreed to capital
; [3 W% Z# ^1 w8 Z! u9 i4 A" Pexpenditures in excess of $250 million for developing the properties
! ? s) R7 J4 \: ?9 q7 G8 rover the next three years.
{7 L+ r2 d1 i+ d They have also pledged to increase employment levels in Canada as5 J. H, u9 X7 S% q) \- u8 O7 y a
they develop the projects over the next three years and to maintain
4 j0 }) l T) i- |+ Han Alberta head office for operating companies associated with the
, e1 [" p! V8 Qprojects for the next five years.% i& I( R. L6 E& P: R) i: b
(The Canadian Press) |
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