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OTTAWA - Ottawa has given its blessing to the sale of properties% l4 j! b G7 U- |5 p
owned by Athabasca Oil Sands Corp. to a Chinese company.; z, X- G9 W) G O1 s
Federal Industry Minister Tony Clement says he has reviewed the7 k+ F, ?9 W, |* g- E
deal between Athabasca and PetroChina International Investment Co.: d( E5 B7 I& [) y1 w1 Q( _
Ltd. and finds its is likely to be of net benefit to Canada.7 U. c. L, k9 P: S7 Z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 T* ~7 ^ ~3 ~. M' O, e7 \
made a number of significant commitments should they be allowed to
: ]- `- N+ l2 P: h4 F S) Jacquire control of the MacKay and Dover oil sands projects.0 X5 B, d9 K, i. F( U d
Among other things, the Chinese concerns have agreed to capital
: z7 @5 ]( T- ^expenditures in excess of $250 million for developing the properties' o; H( A d3 F4 a. @$ j4 i+ |
over the next three years.2 Q$ {' l0 \" w2 ^& U
They have also pledged to increase employment levels in Canada as
$ B1 U8 F/ u. ^8 U) j$ A! `# Mthey develop the projects over the next three years and to maintain
) }! ]! B4 q# Pan Alberta head office for operating companies associated with the9 n2 z2 K) P4 ^$ V( P
projects for the next five years.
, t5 Y% Z+ h6 [ (The Canadian Press) |
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