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OTTAWA - Ottawa has given its blessing to the sale of properties
$ b: y4 [( q: }/ z' |# powned by Athabasca Oil Sands Corp. to a Chinese company.* v0 f# b, G9 L2 G9 r2 {8 U
Federal Industry Minister Tony Clement says he has reviewed the5 }" y& g# u* P
deal between Athabasca and PetroChina International Investment Co.
% l% t: o6 E7 Y. DLtd. and finds its is likely to be of net benefit to Canada./ W/ `3 _ q4 Y/ r( d1 J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# I# x a+ D/ f0 V. \1 ]9 x( Jmade a number of significant commitments should they be allowed to3 |7 P( s! l9 Y5 M2 ^
acquire control of the MacKay and Dover oil sands projects.
8 T6 a, n$ ]: v1 S& x! z# `+ H* l+ D Among other things, the Chinese concerns have agreed to capital
; p* @5 F$ V: e. yexpenditures in excess of $250 million for developing the properties
% N* {# o8 F! zover the next three years.3 f4 }, k! F2 d& \. E, d2 x
They have also pledged to increase employment levels in Canada as
, m( a1 Y: N2 q! g8 M1 b$ X' _2 kthey develop the projects over the next three years and to maintain& `, u+ R9 m# |
an Alberta head office for operating companies associated with the: i6 X6 c& }8 D+ P/ N+ W# W# m- _
projects for the next five years., C$ l6 q: r) f+ Y E5 X
(The Canadian Press) |
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