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OTTAWA - Ottawa has given its blessing to the sale of properties
c m e# \, w3 H/ k# sowned by Athabasca Oil Sands Corp. to a Chinese company.
x" R; T2 a8 D Federal Industry Minister Tony Clement says he has reviewed the7 m) F# M* f: j# O; k s
deal between Athabasca and PetroChina International Investment Co. O: f+ {3 c" W: Y+ c
Ltd. and finds its is likely to be of net benefit to Canada.
1 r* H4 |6 E7 ^: o8 L8 t# R Clement says PetroChina and its parent, PetroChina Co. Ltd., have# x, w _. A+ U
made a number of significant commitments should they be allowed to
4 J7 A5 ^1 x" `+ a/ `acquire control of the MacKay and Dover oil sands projects.* l% F4 B+ X7 T9 C
Among other things, the Chinese concerns have agreed to capital
- B; F0 E+ h# _# Gexpenditures in excess of $250 million for developing the properties& d; G9 h! ^0 c. p5 Q
over the next three years.4 O8 }+ y8 A2 D% k( n) \
They have also pledged to increase employment levels in Canada as! X- ~; f1 b8 Q, A8 r
they develop the projects over the next three years and to maintain( U, ]7 b6 | l) J' N
an Alberta head office for operating companies associated with the
( L) T, Y) O: S( @projects for the next five years., K& U! R" _7 p0 m8 }! `7 c* v
(The Canadian Press) |
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