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OTTAWA - Ottawa has given its blessing to the sale of properties
$ H, B& D# E# n& {- R3 uowned by Athabasca Oil Sands Corp. to a Chinese company.3 w3 E" D, c0 w0 S
Federal Industry Minister Tony Clement says he has reviewed the" i# Z' |; e1 T/ |, f
deal between Athabasca and PetroChina International Investment Co.6 b1 B8 e- L/ P
Ltd. and finds its is likely to be of net benefit to Canada.% }+ f5 d0 {9 A9 Q- i, a& G+ m
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 b/ C6 Q* e8 _9 ?$ Imade a number of significant commitments should they be allowed to
! a% M- Y/ Y. W( g3 Uacquire control of the MacKay and Dover oil sands projects.! _8 i- j4 u. u% H) H- H9 @
Among other things, the Chinese concerns have agreed to capital
$ x4 G5 c) W9 y, @9 ?5 Texpenditures in excess of $250 million for developing the properties/ u6 P6 M! E$ \" A+ l
over the next three years.: C2 P1 m; f# W
They have also pledged to increase employment levels in Canada as
" a+ h7 k; d5 Q7 C+ ]they develop the projects over the next three years and to maintain; r$ n; O1 c1 ^ J" a7 M. \! V: Z. d
an Alberta head office for operating companies associated with the" e+ n* A' f$ \6 l
projects for the next five years.
( M H9 H- }& D9 I* J& ]0 j7 t. t+ q( L (The Canadian Press) |
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