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OTTAWA - Ottawa has given its blessing to the sale of properties
/ w, K5 _1 M9 c: [! z! n* G- L1 xowned by Athabasca Oil Sands Corp. to a Chinese company.5 `7 o8 O5 p E
Federal Industry Minister Tony Clement says he has reviewed the; x! R. j0 O9 t1 o% Z4 t
deal between Athabasca and PetroChina International Investment Co.
+ W: o6 q5 H1 NLtd. and finds its is likely to be of net benefit to Canada.
, R2 k' l. D$ b9 O8 _6 Y: d4 s6 m Clement says PetroChina and its parent, PetroChina Co. Ltd., have" M# k% I5 L' D& m
made a number of significant commitments should they be allowed to2 j) X$ z: l" p2 o, V
acquire control of the MacKay and Dover oil sands projects.
8 T8 |: f+ O; J Among other things, the Chinese concerns have agreed to capital3 X: U# \' c% e
expenditures in excess of $250 million for developing the properties% `2 y; p8 y6 N/ N
over the next three years.5 D9 o! y- X4 J# K4 W
They have also pledged to increase employment levels in Canada as
/ w' t" z0 C6 k( y& L, h5 u+ h/ qthey develop the projects over the next three years and to maintain8 E0 }# N+ y2 k4 }- ^1 [
an Alberta head office for operating companies associated with the A ^ F0 h7 J7 d
projects for the next five years.
, D* I; S% \$ O (The Canadian Press) |
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