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OTTAWA - Ottawa has given its blessing to the sale of properties# r3 U6 G1 p" S/ ?
owned by Athabasca Oil Sands Corp. to a Chinese company.
# i7 C6 V( m( u Federal Industry Minister Tony Clement says he has reviewed the
) X9 [% t1 \# A3 N6 p$ m3 gdeal between Athabasca and PetroChina International Investment Co." k6 k. |# a! ~" t9 s3 C8 p
Ltd. and finds its is likely to be of net benefit to Canada.2 u* X3 V( v6 a! l" p. p3 B+ z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 ] V' m; A, f
made a number of significant commitments should they be allowed to
" ?9 x0 L& C* a% W A" n) M& y: Kacquire control of the MacKay and Dover oil sands projects.& C7 B: }/ X# b" C( B
Among other things, the Chinese concerns have agreed to capital
& }6 L" O& e; u7 L0 e9 M3 }; Jexpenditures in excess of $250 million for developing the properties$ |2 N u! k9 @, j4 z6 w
over the next three years.8 S: U% d2 [7 f4 P
They have also pledged to increase employment levels in Canada as
4 i M7 E2 i2 m- L7 P: Wthey develop the projects over the next three years and to maintain: \" ?$ U: }, @7 F
an Alberta head office for operating companies associated with the
: Q: ]9 e3 g; j! |projects for the next five years.
! C8 l! x; ]; h3 E. E (The Canadian Press) |
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