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OTTAWA - Ottawa has given its blessing to the sale of properties
8 u' E Z. a0 u- b% i9 Iowned by Athabasca Oil Sands Corp. to a Chinese company.- X) q- B# l7 w/ L. S
Federal Industry Minister Tony Clement says he has reviewed the
4 j% A9 F5 R) l( C+ X6 D, l0 Q! M* Mdeal between Athabasca and PetroChina International Investment Co.
3 f. D/ Y L$ |# P/ ~Ltd. and finds its is likely to be of net benefit to Canada.
; |. M5 }. A, B: [6 u0 j7 i6 Q Clement says PetroChina and its parent, PetroChina Co. Ltd., have: a7 Q1 r* d0 K( J/ W
made a number of significant commitments should they be allowed to- ]( t _, Y) h, p) s8 b" P+ m, Q
acquire control of the MacKay and Dover oil sands projects., E5 P, Z6 a3 c0 h' t+ b
Among other things, the Chinese concerns have agreed to capital
+ S$ e: q5 i! s. |expenditures in excess of $250 million for developing the properties
9 S. o2 `, S- L; p4 Vover the next three years.; |2 |$ ?. m5 j. N5 I
They have also pledged to increase employment levels in Canada as# n' y4 @/ \7 T" d" S. t8 ~; W, f
they develop the projects over the next three years and to maintain
5 I [ C+ u' J0 | v8 y# p* A! fan Alberta head office for operating companies associated with the
! b% j3 ]: x1 m6 [projects for the next five years.
7 V% N( `0 N* f (The Canadian Press) |
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