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OTTAWA - Ottawa has given its blessing to the sale of properties5 P- k5 I! _# d$ c( b1 b
owned by Athabasca Oil Sands Corp. to a Chinese company.9 C$ M) q* `) |, i' l8 ?
Federal Industry Minister Tony Clement says he has reviewed the
% w7 _, \; j0 J5 u7 U2 ndeal between Athabasca and PetroChina International Investment Co.+ | C. U& \) h) b1 ~* ~) j* F/ k* @5 K
Ltd. and finds its is likely to be of net benefit to Canada.; d0 Y) d# ?" s+ w2 b% s8 y6 Z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# i, I2 H9 H& c+ m: c/ P$ |
made a number of significant commitments should they be allowed to
; f$ N' U) _- hacquire control of the MacKay and Dover oil sands projects.
3 q5 M- v* x6 {& ~ Among other things, the Chinese concerns have agreed to capital
, r q( \$ T# m+ W, Uexpenditures in excess of $250 million for developing the properties2 m% ~/ }7 a/ w% e
over the next three years.. [3 f7 x1 K/ J+ C
They have also pledged to increase employment levels in Canada as7 Z0 b q& g, l# C( C4 Q( `: F5 q
they develop the projects over the next three years and to maintain
0 H: ~# c' M7 p- }) i- C4 gan Alberta head office for operating companies associated with the
, c" M- |. h1 Q0 Y9 Qprojects for the next five years., N* Y f: o, \$ T) J( U
(The Canadian Press) |
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