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OTTAWA - Ottawa has given its blessing to the sale of properties1 h* r" w4 M0 w" K9 K
owned by Athabasca Oil Sands Corp. to a Chinese company.( E6 r, q* E' u3 I
Federal Industry Minister Tony Clement says he has reviewed the0 } B5 y7 Y; \# ^! e
deal between Athabasca and PetroChina International Investment Co.2 P2 r: D e F3 s- w1 a
Ltd. and finds its is likely to be of net benefit to Canada.9 G: |3 a" {: K' c7 t
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 I7 H+ Y, T' i9 L9 Qmade a number of significant commitments should they be allowed to" V& E( B! L7 B2 V6 \
acquire control of the MacKay and Dover oil sands projects.3 m* F' u% w1 a" W2 g
Among other things, the Chinese concerns have agreed to capital+ n5 z! A) V- L+ { j
expenditures in excess of $250 million for developing the properties
) G, H8 T. e$ T* rover the next three years.
) G; h+ d/ a! | They have also pledged to increase employment levels in Canada as+ F( o, E* `+ r* Q+ \) `$ ?
they develop the projects over the next three years and to maintain
( m. `! o. n4 G4 X6 ~4 Fan Alberta head office for operating companies associated with the
/ |) u& L# |" n# [1 |projects for the next five years.( L A, ^4 V" o. }& h U! ?) Y
(The Canadian Press) |
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