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OTTAWA - Ottawa has given its blessing to the sale of properties
& O% _: \3 x* }1 l% Sowned by Athabasca Oil Sands Corp. to a Chinese company.
+ D. s% U" N7 w- p3 ` Federal Industry Minister Tony Clement says he has reviewed the
6 C. O& m4 L1 `: P, Y2 T, D/ W Jdeal between Athabasca and PetroChina International Investment Co.: ?0 o) d \( e6 J' h( J) G" G' |
Ltd. and finds its is likely to be of net benefit to Canada.! ^( [+ r& j0 V9 S8 d- U
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ F4 A5 e- d' I0 @) n) t
made a number of significant commitments should they be allowed to) P5 x6 \; |, L6 e5 P9 X+ E) o7 z
acquire control of the MacKay and Dover oil sands projects.
; v. R6 O9 v6 o+ c# T/ o3 E Among other things, the Chinese concerns have agreed to capital. U4 @' Q- o# m% S1 a; U
expenditures in excess of $250 million for developing the properties$ p. S% l% E2 X; q8 o% q
over the next three years.
- T, h: u" i& P They have also pledged to increase employment levels in Canada as6 m5 n9 R+ |/ l" _2 a
they develop the projects over the next three years and to maintain
1 B+ {$ I( }# N! I6 W% Ran Alberta head office for operating companies associated with the
V w Y6 c' oprojects for the next five years.
( K1 _& q: A8 v% v: u (The Canadian Press) |
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