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OTTAWA - Ottawa has given its blessing to the sale of properties0 D2 j) k" E# L% \! l% m( }. q
owned by Athabasca Oil Sands Corp. to a Chinese company./ n; N6 Q. O9 U- [& m* r
Federal Industry Minister Tony Clement says he has reviewed the2 O1 U3 ~6 Q! P& m" o3 b
deal between Athabasca and PetroChina International Investment Co.- r* d3 H& e4 i0 c; R' U1 X
Ltd. and finds its is likely to be of net benefit to Canada.
6 @' o4 @6 {" D! W Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 m5 T* V, L% M5 `! }
made a number of significant commitments should they be allowed to. I0 x) e* @0 f! T$ x; O5 P& F
acquire control of the MacKay and Dover oil sands projects.
' u! k& A9 \1 U# [+ v- v* ? Among other things, the Chinese concerns have agreed to capital
3 _) w1 N" p+ }2 b* g6 n$ xexpenditures in excess of $250 million for developing the properties, {1 R0 u5 U2 i2 L" l# G
over the next three years.$ ]0 _! T) n, r( i( g) }
They have also pledged to increase employment levels in Canada as
2 T- |- O) ~% [9 pthey develop the projects over the next three years and to maintain
1 R3 b5 x) [' U3 P uan Alberta head office for operating companies associated with the
# \- b# _* z' @' q; B- V% D9 Vprojects for the next five years." B( H: [8 I/ P
(The Canadian Press) |
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