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OTTAWA - Ottawa has given its blessing to the sale of properties2 |- x$ r/ g r! _- P1 z* S
owned by Athabasca Oil Sands Corp. to a Chinese company.9 ?/ F" _- `6 Z; T/ P0 E
Federal Industry Minister Tony Clement says he has reviewed the) O5 z3 h& {. Z* G( K
deal between Athabasca and PetroChina International Investment Co.) @# Y. C& R- ~# E4 {. O& a2 D
Ltd. and finds its is likely to be of net benefit to Canada.
% N6 |% K3 z8 ~ ]: { Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: I2 ]; ?2 H: ~! V2 `; n3 Mmade a number of significant commitments should they be allowed to6 c* S8 k; A0 ~, j5 l3 H' {
acquire control of the MacKay and Dover oil sands projects.5 e u! Q: ]* K y5 x9 w
Among other things, the Chinese concerns have agreed to capital
2 P# p {# f# O( J* h: Jexpenditures in excess of $250 million for developing the properties
9 P( D6 Y4 H d9 V1 q9 [( Rover the next three years.+ \ [. E1 S! b8 w/ k
They have also pledged to increase employment levels in Canada as# V+ N, B' Q5 S3 M( _5 A1 K: W6 i
they develop the projects over the next three years and to maintain
* z. P' ]% }3 t. M& H2 dan Alberta head office for operating companies associated with the
2 ?6 d$ m. }; i5 |, dprojects for the next five years.2 R4 f' l& V6 _
(The Canadian Press) |
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