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OTTAWA - Ottawa has given its blessing to the sale of properties7 D! `' o: w! h$ B! M4 H3 u
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ ^! ]6 v$ A4 ?$ C8 E! S" s) } Federal Industry Minister Tony Clement says he has reviewed the
& w8 X0 R; n7 W, }! U% N- B# Edeal between Athabasca and PetroChina International Investment Co.
" u6 e; h6 M$ s, F1 ~! j! n3 Y$ WLtd. and finds its is likely to be of net benefit to Canada.
2 v3 Q/ |/ p3 h8 i$ V Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 _; |/ @* ~+ Hmade a number of significant commitments should they be allowed to
/ ]9 `$ a: u p% A" |$ Jacquire control of the MacKay and Dover oil sands projects.
" Y; p7 f; u" s6 B Among other things, the Chinese concerns have agreed to capital
" S' W1 }; q7 \$ a6 kexpenditures in excess of $250 million for developing the properties
; F* C0 p; Y7 Zover the next three years.
; O: u& o4 `$ k3 a; ~ They have also pledged to increase employment levels in Canada as
1 t8 M3 F0 C7 g3 ~8 _' nthey develop the projects over the next three years and to maintain* E4 i0 x# h* B$ |- [
an Alberta head office for operating companies associated with the
# v. t& h$ r! M" A6 g) r- @projects for the next five years.; f, C# ~& r" H _5 `
(The Canadian Press) |
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