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OTTAWA - Ottawa has given its blessing to the sale of properties; I: x" Z, w# w4 T; ^* w& Y
owned by Athabasca Oil Sands Corp. to a Chinese company." g2 A" E" \, p/ B: [
Federal Industry Minister Tony Clement says he has reviewed the
9 m1 U; G7 P; k/ D3 B( k- ?deal between Athabasca and PetroChina International Investment Co.+ A0 S0 l# z3 p5 u" T
Ltd. and finds its is likely to be of net benefit to Canada.
4 a" ]8 P8 B7 ?% ` Clement says PetroChina and its parent, PetroChina Co. Ltd., have' {+ d; e5 n; z4 T- l6 S3 _
made a number of significant commitments should they be allowed to
) t( {" A# N# k9 ?: {acquire control of the MacKay and Dover oil sands projects. W5 D! m5 B) y0 K- y
Among other things, the Chinese concerns have agreed to capital
: @. ~( Z4 N! J. q: H5 ~+ pexpenditures in excess of $250 million for developing the properties* l( S* W W" e& l4 s
over the next three years.; M+ o* n$ L I1 }4 n+ h( E ]
They have also pledged to increase employment levels in Canada as
; O% i& s3 t Y7 ^5 A" Othey develop the projects over the next three years and to maintain
' Z. j% x5 O- |! xan Alberta head office for operating companies associated with the
. W {6 x5 C: `: Kprojects for the next five years.
) b! F; n8 S) ?: {4 J' \ (The Canadian Press) |
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