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OTTAWA - Ottawa has given its blessing to the sale of properties
' d. \! A# m4 h% W# l& y3 e! |owned by Athabasca Oil Sands Corp. to a Chinese company.
# [0 Q# }# B5 F) q: Z Federal Industry Minister Tony Clement says he has reviewed the
3 I7 o. Y, x* ideal between Athabasca and PetroChina International Investment Co.) J4 R$ t' m" j/ o7 X8 W8 _
Ltd. and finds its is likely to be of net benefit to Canada.6 I% O1 O9 U: T6 f4 e6 h/ J' M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 R9 D) V# l+ a0 H& J
made a number of significant commitments should they be allowed to# J+ l/ e/ s% m, K- R; u9 L, p" W8 h A( H
acquire control of the MacKay and Dover oil sands projects.
1 X8 w- @8 Z, f, R/ M Among other things, the Chinese concerns have agreed to capital- o1 P' K0 e7 L: T! S- Q5 X9 c
expenditures in excess of $250 million for developing the properties# c( Q/ R3 J( l: m0 a
over the next three years.7 U' }% l( s0 o% j: ~
They have also pledged to increase employment levels in Canada as
3 ~+ r4 h( z" b8 [, X/ ?they develop the projects over the next three years and to maintain) D9 m9 u) _! x/ {1 m5 U" }
an Alberta head office for operating companies associated with the
0 o. x6 y8 }. t9 E8 y! kprojects for the next five years.
8 y3 ?4 X* v6 ~! J0 n8 J* | (The Canadian Press) |
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