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OTTAWA - Ottawa has given its blessing to the sale of properties! u1 n) v, V' ?; Q u
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 E1 V, O: G; }& v4 K% `1 j$ A Federal Industry Minister Tony Clement says he has reviewed the4 x2 N$ M; }) L* W
deal between Athabasca and PetroChina International Investment Co.8 D6 `/ Y3 d* @, O# h0 K+ f) z# B
Ltd. and finds its is likely to be of net benefit to Canada.2 b9 \4 [$ D" E( }
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* \" H" X" {$ s2 @7 C {/ [made a number of significant commitments should they be allowed to
9 n6 z; C6 a, ?9 h9 Y- qacquire control of the MacKay and Dover oil sands projects.
4 p p3 s5 ?, K `3 R' K Among other things, the Chinese concerns have agreed to capital
, G0 J2 [$ |: Z3 bexpenditures in excess of $250 million for developing the properties7 ^& x' F6 B0 J4 ~: Q* r& {
over the next three years.
6 l7 Y2 F0 Q" B1 e! M They have also pledged to increase employment levels in Canada as- P8 z F: m2 Q" n4 y/ c
they develop the projects over the next three years and to maintain
" s" S3 I6 |1 |6 L0 R, T5 K) y( ]an Alberta head office for operating companies associated with the
" D$ s5 M: P- x2 p) _projects for the next five years.
( W* m+ ^% R+ F7 ~% ~' N (The Canadian Press) |
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