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OTTAWA - Ottawa has given its blessing to the sale of properties9 }% y8 y* r* r& C- G6 G5 @+ k
owned by Athabasca Oil Sands Corp. to a Chinese company.$ K6 T, y/ q0 @$ [- H% b
Federal Industry Minister Tony Clement says he has reviewed the7 F* p: W2 y: X: q6 l- z1 M
deal between Athabasca and PetroChina International Investment Co., T8 r3 {9 t- @* S# W( a% T+ R" C% ]
Ltd. and finds its is likely to be of net benefit to Canada.5 u4 Z. y& F" ^& D0 @+ Y j
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 o3 _# r& \- L; R& j* N6 D3 U E
made a number of significant commitments should they be allowed to
; S+ b2 l) k5 y) v0 L0 y& jacquire control of the MacKay and Dover oil sands projects.
1 Z+ @! x& Y# H- h4 z) a Among other things, the Chinese concerns have agreed to capital- M0 \: e' R4 C6 w
expenditures in excess of $250 million for developing the properties$ m @( a" s5 I9 O
over the next three years.
5 R* m) Z P+ U- B/ Q. X They have also pledged to increase employment levels in Canada as! X( O* I+ s7 V7 Y3 K. E) s: `
they develop the projects over the next three years and to maintain3 D8 C1 `" ~! h; v/ h7 y; O, a5 |. J5 [, ^
an Alberta head office for operating companies associated with the" H8 t) a1 l. ]" @ ~2 W
projects for the next five years.
8 W1 C" g- }. F, S! ~$ G6 _/ x/ |; I5 t (The Canadian Press) |
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