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OTTAWA - Ottawa has given its blessing to the sale of properties
6 f A) U$ a) j ~/ Fowned by Athabasca Oil Sands Corp. to a Chinese company.
7 y% _! b& H2 ~- K" M4 `+ j Federal Industry Minister Tony Clement says he has reviewed the
) [- p- @' z; ]/ e5 ]8 Mdeal between Athabasca and PetroChina International Investment Co.
) M+ C I. v' ?0 oLtd. and finds its is likely to be of net benefit to Canada.
& d/ D' c- `/ a8 O4 a+ m' U Y Clement says PetroChina and its parent, PetroChina Co. Ltd., have! c& \* @, V# C- @& |1 j* }, y9 v
made a number of significant commitments should they be allowed to
5 {5 p4 ^& g+ x! q$ _8 sacquire control of the MacKay and Dover oil sands projects.
6 W0 k0 p# A/ }/ t3 ~' O- ~: F Among other things, the Chinese concerns have agreed to capital
0 u6 [6 A0 O& x( texpenditures in excess of $250 million for developing the properties4 p' y l( ^8 v4 y9 r% Z2 s; s
over the next three years.; m" }9 c- y7 Z5 L9 L7 g6 p
They have also pledged to increase employment levels in Canada as
8 U; e8 u9 L$ V4 N" \* Y7 ~( `they develop the projects over the next three years and to maintain
/ H6 B8 R9 O0 _% K* zan Alberta head office for operating companies associated with the
: @% ~) A0 s. \4 pprojects for the next five years.
5 A- F; w- `9 \$ [3 t% S (The Canadian Press) |
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