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OTTAWA - Ottawa has given its blessing to the sale of properties
3 B( f1 k& n. j$ kowned by Athabasca Oil Sands Corp. to a Chinese company.3 R! a V" Y* Q0 f+ h# q. n
Federal Industry Minister Tony Clement says he has reviewed the9 \0 x" C* R( _5 Z6 E
deal between Athabasca and PetroChina International Investment Co.
2 R ?3 T9 \2 f0 E" OLtd. and finds its is likely to be of net benefit to Canada.; \' n$ h3 r% \4 v! L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" f8 `/ ?; G3 @1 H$ Z+ Smade a number of significant commitments should they be allowed to
3 Y8 p! T; V+ }7 f$ x; dacquire control of the MacKay and Dover oil sands projects., L. E1 L9 y/ P5 a. ?
Among other things, the Chinese concerns have agreed to capital, ^; n; p+ H" `6 @( }. z) a" n# l3 t
expenditures in excess of $250 million for developing the properties
- k, `* W6 M: `/ z0 qover the next three years.
5 K: }! ]( a& o They have also pledged to increase employment levels in Canada as+ ]; D9 G. ~; l$ ~1 C( F7 o
they develop the projects over the next three years and to maintain
4 [$ }1 Z; l/ z$ Zan Alberta head office for operating companies associated with the
8 K& q a) h. M9 R) Zprojects for the next five years., l* P/ g1 E% ^# x! \: r" C
(The Canadian Press) |
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