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OTTAWA - Ottawa has given its blessing to the sale of properties
/ G6 _* r6 v) d5 h5 u" Cowned by Athabasca Oil Sands Corp. to a Chinese company.
J1 h# C9 R6 U% V2 N, z1 O Federal Industry Minister Tony Clement says he has reviewed the
) S, E. D8 h( m! g- I" |deal between Athabasca and PetroChina International Investment Co.# N* l8 W% Q' e
Ltd. and finds its is likely to be of net benefit to Canada.; T: Z. i+ K4 c% N
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 F' _4 r+ c: h# Q
made a number of significant commitments should they be allowed to9 [6 a- A; }; H, R8 G5 `
acquire control of the MacKay and Dover oil sands projects.
6 u p4 T& K6 q' [( J$ X Among other things, the Chinese concerns have agreed to capital% @' g4 l) \# q+ ^' _: Y/ h1 Q6 A
expenditures in excess of $250 million for developing the properties8 U' V, @. C* ~- D& i; Y* _
over the next three years. ^0 c# p! a8 D/ M
They have also pledged to increase employment levels in Canada as
9 p- b. p% A* T3 Xthey develop the projects over the next three years and to maintain
" r; Y+ m) {! r3 n! han Alberta head office for operating companies associated with the
' P& q* a) \. tprojects for the next five years.5 n2 D: u! ]5 n+ B8 h) w
(The Canadian Press) |
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