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OTTAWA - Ottawa has given its blessing to the sale of properties
! [% y" g& K, W1 ^8 \. [- @owned by Athabasca Oil Sands Corp. to a Chinese company.
h/ h. s+ p; ^ Federal Industry Minister Tony Clement says he has reviewed the
9 P$ A* E# Q, X/ ^$ q* m2 }deal between Athabasca and PetroChina International Investment Co.
- K; f$ _7 q* hLtd. and finds its is likely to be of net benefit to Canada.0 M) [8 a/ k- s. H J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- K& l& _" h: x# l9 X, n# }- Bmade a number of significant commitments should they be allowed to0 e7 [: N. q3 q6 V1 H
acquire control of the MacKay and Dover oil sands projects.
) ~! D; e$ N3 b. a8 k0 A: K( I Among other things, the Chinese concerns have agreed to capital8 i3 o1 ]$ Z# r( j; U* o) w. Q. ]
expenditures in excess of $250 million for developing the properties1 W) C$ b6 M/ _; F- {7 L9 M7 s
over the next three years.: h- K! e5 d5 I; f- k
They have also pledged to increase employment levels in Canada as3 z* o6 a" ~$ {; p3 x4 d* W
they develop the projects over the next three years and to maintain8 Q" H: |1 r) _
an Alberta head office for operating companies associated with the
$ d( O$ B+ I2 k. z1 l oprojects for the next five years.6 c/ |' p; F @- D% ^* A% H, E) Z& Q
(The Canadian Press) |
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