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OTTAWA - Ottawa has given its blessing to the sale of properties
' w( M5 ^2 v2 y2 m" {owned by Athabasca Oil Sands Corp. to a Chinese company.
' N' _* ~& d8 v4 x8 J Federal Industry Minister Tony Clement says he has reviewed the
* N c* E+ W1 Q1 U' A- _: C, gdeal between Athabasca and PetroChina International Investment Co.! M8 V( {. n& H' [6 c x' z, ^
Ltd. and finds its is likely to be of net benefit to Canada.( ^3 B J8 n8 x7 }1 v4 R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: u3 S5 `( k$ Z9 l8 q& Q" Xmade a number of significant commitments should they be allowed to
* _, t9 u/ K9 Dacquire control of the MacKay and Dover oil sands projects.
& k! W% d, b4 z6 d0 h Y Among other things, the Chinese concerns have agreed to capital
; p: m1 m2 A2 Z+ h8 z$ F/ sexpenditures in excess of $250 million for developing the properties
8 Q+ Q7 B, ?) f$ l9 `over the next three years.- n" r6 ]' W Y, \+ m# M3 f
They have also pledged to increase employment levels in Canada as8 J2 ^3 \$ T+ a; }1 W+ e' `3 A
they develop the projects over the next three years and to maintain {) _9 n" \7 _. M: R% F1 x/ @9 O
an Alberta head office for operating companies associated with the
' T/ Z: p# m( V4 H: `* \; w- sprojects for the next five years.# u/ B1 n. x1 a9 n! V; S/ j
(The Canadian Press) |
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