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OTTAWA - Ottawa has given its blessing to the sale of properties
' N/ w! x% P, j- Rowned by Athabasca Oil Sands Corp. to a Chinese company.
' ]! u# b% s- N3 I& |7 _ Federal Industry Minister Tony Clement says he has reviewed the
+ A: a( q9 V3 l& p0 xdeal between Athabasca and PetroChina International Investment Co.% Z; z g2 j& E% @' t4 {: ?5 y
Ltd. and finds its is likely to be of net benefit to Canada.: V# Z6 v& l) _2 J3 @
Clement says PetroChina and its parent, PetroChina Co. Ltd., have% m# ]( c3 @4 j, _
made a number of significant commitments should they be allowed to- k4 o; l% Q5 t# D1 z9 @2 Y# r& E1 T
acquire control of the MacKay and Dover oil sands projects.
6 u5 ^) c# s! H/ U3 Q Among other things, the Chinese concerns have agreed to capital
6 ]' M0 y6 z% lexpenditures in excess of $250 million for developing the properties
1 w( M; ~* w0 w/ n; x: _6 [over the next three years.
6 u- S( h O5 Z0 Y' @ They have also pledged to increase employment levels in Canada as2 |/ E+ |* B0 S+ z/ O6 @; _
they develop the projects over the next three years and to maintain7 w/ q( M1 c& Z' ~
an Alberta head office for operating companies associated with the& F3 G7 S' z- r p8 R; |3 Y
projects for the next five years.
& v8 C, o1 C) Z. r (The Canadian Press) |
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