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OTTAWA - Ottawa has given its blessing to the sale of properties
% ~0 S$ r9 ]9 f5 y% ~( `owned by Athabasca Oil Sands Corp. to a Chinese company.
5 a3 ~/ B# c7 e, @ Federal Industry Minister Tony Clement says he has reviewed the
! Y: {3 `! [+ p7 M2 C: A- v2 Cdeal between Athabasca and PetroChina International Investment Co./ E' t+ ~. r7 E" D
Ltd. and finds its is likely to be of net benefit to Canada.) g+ b( R- v: K5 A
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ q3 j' F1 m7 j% m1 @made a number of significant commitments should they be allowed to0 U; b" W1 P' S
acquire control of the MacKay and Dover oil sands projects.
6 ?# ^ J; {3 u6 M$ A O Among other things, the Chinese concerns have agreed to capital
" A4 H! p1 [: W z" Sexpenditures in excess of $250 million for developing the properties% a+ }- d* ^+ K) S9 J
over the next three years.; w" }+ J, ]6 w* M% K! N
They have also pledged to increase employment levels in Canada as- @) w: }$ e# }+ t8 u; C) o
they develop the projects over the next three years and to maintain5 G0 r4 D; N! d! x% {
an Alberta head office for operating companies associated with the
7 |! Y H; }% v3 ^6 A; s7 Z3 v) pprojects for the next five years.7 S9 l, j+ `8 p; Q
(The Canadian Press) |
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