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OTTAWA - Ottawa has given its blessing to the sale of properties y4 e9 Y# _/ |. F3 D/ G
owned by Athabasca Oil Sands Corp. to a Chinese company.8 Q6 g- T+ c0 Y5 P" t' k
Federal Industry Minister Tony Clement says he has reviewed the0 t) W- M$ ?# e6 X
deal between Athabasca and PetroChina International Investment Co.7 s* l( ~# c, K' C" V
Ltd. and finds its is likely to be of net benefit to Canada.6 g1 E8 Z* Y1 z" I6 Y, Y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 q5 [% x& f$ r5 W8 _. k! Hmade a number of significant commitments should they be allowed to5 {' }2 r4 k: `6 E; A
acquire control of the MacKay and Dover oil sands projects. w4 S- i9 K& ^+ B. k/ _7 m' ?
Among other things, the Chinese concerns have agreed to capital; a/ g( m0 C" h. R+ n
expenditures in excess of $250 million for developing the properties+ b0 v$ G- b1 Z4 V/ f/ _4 z
over the next three years.3 a& ], k% {6 U& \
They have also pledged to increase employment levels in Canada as
" H4 x/ K: S2 I' Bthey develop the projects over the next three years and to maintain
4 u/ i3 f7 ~0 w$ Tan Alberta head office for operating companies associated with the
3 L0 I/ E$ q/ Zprojects for the next five years.
4 l9 z' Q9 q. V& E- r4 g# p3 \1 c (The Canadian Press) |
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