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OTTAWA - Ottawa has given its blessing to the sale of properties$ }" d4 w1 M7 F1 ^; K: i$ N
owned by Athabasca Oil Sands Corp. to a Chinese company.8 W7 D+ ?$ U& ^" P( M9 C4 R
Federal Industry Minister Tony Clement says he has reviewed the4 h% [2 L* G' V7 p; J) q
deal between Athabasca and PetroChina International Investment Co.
, x1 o! }& S# ^3 b" c: g6 BLtd. and finds its is likely to be of net benefit to Canada.
8 S5 r7 |$ ~4 D" w( F. Z8 G7 r2 w Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. C K) R' e3 W. K3 y" _made a number of significant commitments should they be allowed to$ T7 a/ B$ p8 ?- p0 {
acquire control of the MacKay and Dover oil sands projects.
: b: s% e; e8 W! W Among other things, the Chinese concerns have agreed to capital& X$ F# l' ~4 q% S( y
expenditures in excess of $250 million for developing the properties
& n1 J @5 u, @% Aover the next three years.# S( Z+ W% G! Q) ?6 e- ]7 H
They have also pledged to increase employment levels in Canada as
: k2 a `( l( K7 Othey develop the projects over the next three years and to maintain* |1 B) \6 k/ y9 M& \
an Alberta head office for operating companies associated with the
3 D- j8 ^# [8 A) ^) s* aprojects for the next five years.
# M+ X \) g$ i1 A t9 C5 Z7 b (The Canadian Press) |
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