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OTTAWA - Ottawa has given its blessing to the sale of properties
0 m7 h* Y- x% `7 \# M. O: O. U* Rowned by Athabasca Oil Sands Corp. to a Chinese company.
r% F" [, u, a0 ^) u# C1 g# ? Federal Industry Minister Tony Clement says he has reviewed the
, Z) t O* b7 R& v1 \deal between Athabasca and PetroChina International Investment Co.# G% f7 X, Q, O |
Ltd. and finds its is likely to be of net benefit to Canada.
+ m& P- ~) d! ~4 D5 p5 D Clement says PetroChina and its parent, PetroChina Co. Ltd., have' D8 p- t G; }8 L4 e
made a number of significant commitments should they be allowed to" A$ i' ?* p! I9 [
acquire control of the MacKay and Dover oil sands projects.
! e$ s3 |( J( s' {7 P4 F V8 n n Among other things, the Chinese concerns have agreed to capital) v O" b9 A) M. j7 p
expenditures in excess of $250 million for developing the properties
( u5 T/ U3 D5 F) X) Zover the next three years.7 ~+ C- i3 m \( G4 o
They have also pledged to increase employment levels in Canada as
2 v" i4 y1 M; K( R/ v0 ~& ^they develop the projects over the next three years and to maintain
6 t2 B6 B- P; I( T2 V% V# nan Alberta head office for operating companies associated with the
) V$ |% g# R0 bprojects for the next five years.& E' E; ^; E+ \7 C H
(The Canadian Press) |
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