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OTTAWA - Ottawa has given its blessing to the sale of properties
( z% H! H1 x1 F1 _1 w1 _: }; ~' _owned by Athabasca Oil Sands Corp. to a Chinese company.
5 S! C& O, n7 N+ [ Federal Industry Minister Tony Clement says he has reviewed the* O3 [" p+ N; X" D+ y% a' R
deal between Athabasca and PetroChina International Investment Co.3 Y4 _5 ?! A: [' ]1 i% A6 c
Ltd. and finds its is likely to be of net benefit to Canada.
+ u! T z# p5 W5 M+ x7 H; Y1 D Clement says PetroChina and its parent, PetroChina Co. Ltd., have; ?/ y$ p* L* T9 J; T
made a number of significant commitments should they be allowed to/ r( X: l4 R. ~4 Q3 M7 Y2 t, p
acquire control of the MacKay and Dover oil sands projects.1 k( z* E8 x+ T3 t* v r
Among other things, the Chinese concerns have agreed to capital
0 o. g9 @# Z* J6 o8 {( h$ X. Iexpenditures in excess of $250 million for developing the properties! W3 ?9 G3 s1 ^$ g
over the next three years.
% A o. d* q- D H They have also pledged to increase employment levels in Canada as, Y! o) L7 g+ F' Y; [
they develop the projects over the next three years and to maintain! i0 X" Y" V/ d
an Alberta head office for operating companies associated with the9 j: f1 b' c/ @" \6 ]
projects for the next five years./ ?1 I4 k8 @% G# |: o$ l
(The Canadian Press) |
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