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OTTAWA - Ottawa has given its blessing to the sale of properties8 n. G( d4 Z0 k8 z5 C
owned by Athabasca Oil Sands Corp. to a Chinese company.# [( X' N$ v% m0 D% t4 A
Federal Industry Minister Tony Clement says he has reviewed the b5 k7 f* J3 e2 i4 E
deal between Athabasca and PetroChina International Investment Co.4 |- A0 t) o+ f+ T" m
Ltd. and finds its is likely to be of net benefit to Canada.! p2 O! t6 D* B- J( i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' W0 j3 u/ y9 p% d. S* M
made a number of significant commitments should they be allowed to
2 U: f {. K1 m6 J4 gacquire control of the MacKay and Dover oil sands projects.9 z. Y; S) ^( y8 B1 A: u V
Among other things, the Chinese concerns have agreed to capital
# S* z% K0 b, J' Zexpenditures in excess of $250 million for developing the properties
1 g0 Y" M3 a& Z# Z9 Z' o3 q1 ]over the next three years.
4 ?% n- R p0 u2 T! s- \% A$ {7 l! R They have also pledged to increase employment levels in Canada as, ]( r4 G8 Z/ J) ?
they develop the projects over the next three years and to maintain7 l. o9 W. y* [
an Alberta head office for operating companies associated with the. o* M+ l' A6 v" p' E& c
projects for the next five years.& M- J% N$ ]4 Y- y5 a7 x- _; `6 n
(The Canadian Press) |
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