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OTTAWA - Ottawa has given its blessing to the sale of properties; }. b+ n8 G) K) u6 Q
owned by Athabasca Oil Sands Corp. to a Chinese company.
; g2 N4 A: M; G/ n7 d) |6 N: x Federal Industry Minister Tony Clement says he has reviewed the% @7 F) w1 r1 `
deal between Athabasca and PetroChina International Investment Co.. t x! `8 B8 C- f
Ltd. and finds its is likely to be of net benefit to Canada.
: N4 h7 N* @# T3 r M Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ k, w7 S4 @% }$ b( Xmade a number of significant commitments should they be allowed to% C% Z( S' F* ^; E: ^' u
acquire control of the MacKay and Dover oil sands projects.
4 ^6 V5 ?5 ^8 U7 W Among other things, the Chinese concerns have agreed to capital
1 c4 t J( j5 U( aexpenditures in excess of $250 million for developing the properties
z2 k, [ K9 ~% qover the next three years.
, Y& n7 k" Y: b( q" r& I They have also pledged to increase employment levels in Canada as
, U( {. w# z1 Y: [* d* X3 wthey develop the projects over the next three years and to maintain+ ?* |1 c ~: x" Q' c: E
an Alberta head office for operating companies associated with the
" C0 {: v8 q- E# t0 ]" |& Y0 {projects for the next five years.
: M( X9 H/ B: N2 z# R (The Canadian Press) |
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