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OTTAWA - Ottawa has given its blessing to the sale of properties& k; L8 Y0 b6 u, G. B& `
owned by Athabasca Oil Sands Corp. to a Chinese company.
4 t, Y4 c' N. Z) S6 u Federal Industry Minister Tony Clement says he has reviewed the
$ K0 S" n9 l9 F, Gdeal between Athabasca and PetroChina International Investment Co.9 r; p, e5 v( J6 F
Ltd. and finds its is likely to be of net benefit to Canada.4 W+ n* g+ w1 r" k
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. U: _9 E2 k3 \- w# [) Pmade a number of significant commitments should they be allowed to
3 X: W2 _* a6 @) @- z0 \7 y+ gacquire control of the MacKay and Dover oil sands projects.
7 @/ D2 I3 P" n/ ?2 B' S Among other things, the Chinese concerns have agreed to capital/ F5 r7 n2 c* Z5 V* U
expenditures in excess of $250 million for developing the properties
: t1 M5 F; L F$ w6 jover the next three years.
. d& l0 I, P! N! H2 o m, `+ f+ c They have also pledged to increase employment levels in Canada as) [: H; g2 o3 e5 C, Q& p: a2 J
they develop the projects over the next three years and to maintain
9 J, @7 }! N3 R; fan Alberta head office for operating companies associated with the( r; n0 t; a; `/ }/ X0 \
projects for the next five years.4 H) H" J! x' b) l( a
(The Canadian Press) |
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