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OTTAWA - Ottawa has given its blessing to the sale of properties
+ j" F* e* ^9 T7 rowned by Athabasca Oil Sands Corp. to a Chinese company.
( t% b. u$ n4 D& h Federal Industry Minister Tony Clement says he has reviewed the( k' H6 Q0 Y% f4 j3 E: ^
deal between Athabasca and PetroChina International Investment Co. X* Z( c. W/ X( h
Ltd. and finds its is likely to be of net benefit to Canada.! N* b, _0 o4 I0 v
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% H1 t& S' W( M! D% Umade a number of significant commitments should they be allowed to9 z8 N r6 C& |" p/ ~0 [, h5 [
acquire control of the MacKay and Dover oil sands projects.9 O/ |+ S3 u2 L% ~/ f ]3 y
Among other things, the Chinese concerns have agreed to capital% D, Z6 W/ }7 x: E3 f
expenditures in excess of $250 million for developing the properties/ S+ U& R# G4 Q3 S5 A
over the next three years.
' L4 E" G3 C; w9 Q( w3 ^# [ They have also pledged to increase employment levels in Canada as% |+ K) T5 r: O# n$ p4 M- @
they develop the projects over the next three years and to maintain K( F% j5 ]5 K- X
an Alberta head office for operating companies associated with the
$ ]% i5 P( v' [; k! l6 Hprojects for the next five years.* }+ u6 `- k. I- |# q, e w
(The Canadian Press) |
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