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OTTAWA - Ottawa has given its blessing to the sale of properties
: P0 l8 o, M' V- x' f, z7 rowned by Athabasca Oil Sands Corp. to a Chinese company.
: U% L* ~3 Q2 X Y$ P; p0 _ Federal Industry Minister Tony Clement says he has reviewed the
0 `6 P& n' T4 e* e+ {deal between Athabasca and PetroChina International Investment Co." O+ j0 M8 z$ V1 c$ u4 G
Ltd. and finds its is likely to be of net benefit to Canada.
+ j+ |. K! ]1 V, l4 y8 ?! t Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. o5 n3 N c3 m) Lmade a number of significant commitments should they be allowed to
/ L) X' i+ H- g5 N9 \2 kacquire control of the MacKay and Dover oil sands projects.6 J" A. y( `- g
Among other things, the Chinese concerns have agreed to capital
$ Z4 \$ j- d0 q6 S2 o3 ]# B7 aexpenditures in excess of $250 million for developing the properties
, n+ y6 w; w9 \5 V6 u x) @; Hover the next three years.- T& O% f2 p5 o, x" T. o0 Q6 N
They have also pledged to increase employment levels in Canada as
; e" {' Z6 W! b' A/ U' c# Gthey develop the projects over the next three years and to maintain9 Z2 |; q/ o2 O: }
an Alberta head office for operating companies associated with the- c9 p% s# Q9 i- q2 |
projects for the next five years.
6 C. X! z+ u" Z; r (The Canadian Press) |
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