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OTTAWA - Ottawa has given its blessing to the sale of properties
8 c$ ^) I; k" x& Downed by Athabasca Oil Sands Corp. to a Chinese company.
* c+ O" F# s. {% a0 F+ z- @ Federal Industry Minister Tony Clement says he has reviewed the
3 A4 |+ ^8 [8 s. Mdeal between Athabasca and PetroChina International Investment Co.$ ^- W( }( Y+ c+ V# j$ K
Ltd. and finds its is likely to be of net benefit to Canada.
6 i/ Y) R( l! m1 ]+ H) e: ]. M9 U0 k+ ` Clement says PetroChina and its parent, PetroChina Co. Ltd., have" ~7 m- h0 N& }5 _
made a number of significant commitments should they be allowed to- }: h( M, M4 _( h+ g
acquire control of the MacKay and Dover oil sands projects.
) K7 R* `/ M; x- ` Among other things, the Chinese concerns have agreed to capital
7 k9 M' h/ l H1 {/ p9 }expenditures in excess of $250 million for developing the properties8 `! Z' x. T. |3 @9 N/ c4 S
over the next three years.' J' B/ o6 g+ E
They have also pledged to increase employment levels in Canada as9 `/ `$ r) [: [2 u
they develop the projects over the next three years and to maintain) j+ O) ` N* _, F" ~
an Alberta head office for operating companies associated with the
3 E. V+ w3 ?) T! c/ L) |! s. Mprojects for the next five years.4 Z9 O5 J) v" t8 I, l
(The Canadian Press) |
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