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OTTAWA - Ottawa has given its blessing to the sale of properties4 n+ s9 q# b6 l; ~* x
owned by Athabasca Oil Sands Corp. to a Chinese company.7 ~6 M5 N7 s1 u) |
Federal Industry Minister Tony Clement says he has reviewed the% s' F8 ~' ~" N& b1 `% n& w
deal between Athabasca and PetroChina International Investment Co., ~7 ^1 o& A! I
Ltd. and finds its is likely to be of net benefit to Canada.; X2 j+ \# n* b, W5 x' M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. ^: M! ^. N4 r, S; u" b) M2 e
made a number of significant commitments should they be allowed to, M4 [; ^" y& y; z* {; m& H( H' c. i
acquire control of the MacKay and Dover oil sands projects.# k- k% x4 d5 ]( l( f% t9 v4 W
Among other things, the Chinese concerns have agreed to capital. f! j$ a9 ]6 w
expenditures in excess of $250 million for developing the properties
2 {% x5 ~2 ^4 Dover the next three years.7 V$ ?/ I2 |1 B, S, C9 V/ L
They have also pledged to increase employment levels in Canada as' o* a* m- Q m* |& c4 }
they develop the projects over the next three years and to maintain
# s* } [4 K: }: U9 U: Zan Alberta head office for operating companies associated with the
7 x( g7 R: E% y& _projects for the next five years.
) _( L( |2 R" N7 I- C4 l C (The Canadian Press) |
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