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OTTAWA - Ottawa has given its blessing to the sale of properties
+ r: u& R. h& C5 f+ gowned by Athabasca Oil Sands Corp. to a Chinese company.
, t# x" P7 x; `1 p- [ Federal Industry Minister Tony Clement says he has reviewed the1 e$ s) a- O8 d& A
deal between Athabasca and PetroChina International Investment Co.
$ Y9 p; j0 D/ r3 A! x. _( {+ I" WLtd. and finds its is likely to be of net benefit to Canada.5 }# n: _+ B7 D1 I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have" I4 u* ?2 X9 {, Z. m
made a number of significant commitments should they be allowed to
! O3 i: q, n7 u* d) _acquire control of the MacKay and Dover oil sands projects.
" Q8 x/ K: q3 ~. _6 @7 r Among other things, the Chinese concerns have agreed to capital- R0 [, X& `! e4 C) D
expenditures in excess of $250 million for developing the properties
6 h0 i. L7 @& p5 |; |& s: a0 ]over the next three years.
* C/ ?6 k" h8 d7 f0 J! a* f8 W$ ~ They have also pledged to increase employment levels in Canada as
. J$ D. D+ S: {; M( R; ], O( Dthey develop the projects over the next three years and to maintain
& Y, r6 L4 c7 u& K% I( |an Alberta head office for operating companies associated with the5 j( j4 }) u4 k: `2 ^4 b
projects for the next five years.
, @: s! }0 x8 S; p% Z2 y- F9 L- c (The Canadian Press) |
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