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OTTAWA - Ottawa has given its blessing to the sale of properties9 L4 e! S. |6 O$ H/ v
owned by Athabasca Oil Sands Corp. to a Chinese company.0 D. Q: `' `' n& ^# g/ @% T
Federal Industry Minister Tony Clement says he has reviewed the( s7 P, k8 Z$ s# g3 B- i
deal between Athabasca and PetroChina International Investment Co.5 x m" Y5 D1 o& H G9 s
Ltd. and finds its is likely to be of net benefit to Canada.3 {9 c5 `0 f' N* p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 f$ @, ?, Z! y0 Q* D9 r
made a number of significant commitments should they be allowed to6 G) Z3 H! j3 Y; u8 O
acquire control of the MacKay and Dover oil sands projects.6 W) E" x2 D2 ^3 d5 H9 f
Among other things, the Chinese concerns have agreed to capital
% x _8 [& S3 |) J5 dexpenditures in excess of $250 million for developing the properties' i1 _: Y: ] g6 O3 j* E
over the next three years.( [% d2 t8 z, @3 N# n6 g/ P3 H9 D
They have also pledged to increase employment levels in Canada as1 n: M: A8 K0 s% K4 y$ T! i# l
they develop the projects over the next three years and to maintain
$ V0 A% U5 y, _& r4 yan Alberta head office for operating companies associated with the. i' o: D( J- T5 Q
projects for the next five years.
& W1 O. Y3 V6 F (The Canadian Press) |
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