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OTTAWA - Ottawa has given its blessing to the sale of properties
$ |( V- K& o' ~ Y/ n* aowned by Athabasca Oil Sands Corp. to a Chinese company.
z& {6 f: j8 Y0 r& } Federal Industry Minister Tony Clement says he has reviewed the: ?" \4 q6 r# f
deal between Athabasca and PetroChina International Investment Co., \1 V1 N, z5 Y4 n2 h
Ltd. and finds its is likely to be of net benefit to Canada.. S. r; f; W5 f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have( J8 J/ x) Y( Y* U) R3 R" }. M
made a number of significant commitments should they be allowed to4 W( M. I$ ?6 h6 c+ [1 r
acquire control of the MacKay and Dover oil sands projects.
2 a( t. k# `" E* f0 ?- u Among other things, the Chinese concerns have agreed to capital1 ]* t! E( j" v" S- C1 m
expenditures in excess of $250 million for developing the properties
' q1 D; ~3 Y; _# P( `/ }over the next three years.
# C0 l3 w, k9 N% e7 g' l( I% F* M7 U" ] They have also pledged to increase employment levels in Canada as. @3 K( M3 W- k+ f
they develop the projects over the next three years and to maintain
& F/ M; d) b/ v( yan Alberta head office for operating companies associated with the+ C- A8 G$ Y& l0 Y
projects for the next five years.8 b, s' O' q* ^0 |+ D
(The Canadian Press) |
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