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OTTAWA - Ottawa has given its blessing to the sale of properties) j; k+ i6 {5 J2 Z7 x' l# V
owned by Athabasca Oil Sands Corp. to a Chinese company., x" x" q u; Q' C5 H2 c* g
Federal Industry Minister Tony Clement says he has reviewed the
! {7 \3 D+ X/ Pdeal between Athabasca and PetroChina International Investment Co.1 L B7 ^0 c9 i# ~) ^2 R
Ltd. and finds its is likely to be of net benefit to Canada.8 ?; k# g: | R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have5 D% C9 b J+ K o4 n- j
made a number of significant commitments should they be allowed to2 F# @. l4 R7 E& {0 U
acquire control of the MacKay and Dover oil sands projects.4 t5 A# B+ H5 A
Among other things, the Chinese concerns have agreed to capital
$ M0 f$ q! x }$ d8 R3 Eexpenditures in excess of $250 million for developing the properties
! a; g# C8 F5 {over the next three years.
4 G- d d" e' C A They have also pledged to increase employment levels in Canada as
7 F/ l) W6 J! J: d$ Z7 e, pthey develop the projects over the next three years and to maintain
1 J+ T1 H% L3 r+ z5 qan Alberta head office for operating companies associated with the; ?! h7 q8 |) U4 n- X
projects for the next five years." ^/ T/ J" A. s! G7 L
(The Canadian Press) |
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