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OTTAWA - Ottawa has given its blessing to the sale of properties
( P0 @4 f6 P# q5 x( ]owned by Athabasca Oil Sands Corp. to a Chinese company.
' ^3 |0 K# M9 v9 ?# T4 k Federal Industry Minister Tony Clement says he has reviewed the
, B- |7 j5 A0 M0 Z: vdeal between Athabasca and PetroChina International Investment Co.9 C ^, _1 m z# I* `
Ltd. and finds its is likely to be of net benefit to Canada.; F5 p, U. g6 i3 M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 I8 N Z; G2 X$ I% {! M. y% r
made a number of significant commitments should they be allowed to
# V- }+ J: O0 Y1 @acquire control of the MacKay and Dover oil sands projects.! d" S: x/ J, x" V3 w5 b9 e4 ?
Among other things, the Chinese concerns have agreed to capital
m+ M; J2 L9 w# `6 }expenditures in excess of $250 million for developing the properties
1 g- W! {. E! ^0 r8 d+ @$ Fover the next three years.
& }5 n3 s N0 A2 R3 u They have also pledged to increase employment levels in Canada as( a) B, E9 b7 o" ]
they develop the projects over the next three years and to maintain+ ?0 w2 p- g1 e
an Alberta head office for operating companies associated with the7 X2 |; C, u% _% ]$ k
projects for the next five years.
, y! R" ?- N+ [( A$ k2 n5 b# V# Y (The Canadian Press) |
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