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OTTAWA - Ottawa has given its blessing to the sale of properties
( s ~2 r# v7 R. I( gowned by Athabasca Oil Sands Corp. to a Chinese company.
c+ T. M8 [3 k) N1 y; | Federal Industry Minister Tony Clement says he has reviewed the
& L7 c/ B6 ?! `( S8 Y1 q- xdeal between Athabasca and PetroChina International Investment Co." T# M0 p8 c/ ^$ M
Ltd. and finds its is likely to be of net benefit to Canada.6 C3 D2 J( a. m" v& u8 V3 N# J! N
Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 C: \, y( n( X
made a number of significant commitments should they be allowed to
+ {3 H) g: ]* p dacquire control of the MacKay and Dover oil sands projects.
3 U( w5 x9 E% f) W; U4 D Among other things, the Chinese concerns have agreed to capital) U+ _5 o6 k7 l, l, H- i
expenditures in excess of $250 million for developing the properties
0 L" S" n: b. k" d6 d/ }/ m0 x* s" V. Uover the next three years.! ~" V& W& s* k! N- B& _6 n& }+ U
They have also pledged to increase employment levels in Canada as
3 q0 O! u% j/ r& q4 ~6 O. Lthey develop the projects over the next three years and to maintain
7 {! f( o# K* ?8 j# p |: wan Alberta head office for operating companies associated with the
: s/ b% t- Q: W" Rprojects for the next five years.
0 Z8 c0 z" o; K& x3 f, \ (The Canadian Press) |
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