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OTTAWA - Ottawa has given its blessing to the sale of properties* i! ^# o- U- Y4 ^
owned by Athabasca Oil Sands Corp. to a Chinese company.- i' F. u" C* [
Federal Industry Minister Tony Clement says he has reviewed the
/ [2 ?% Y' U" X l- Jdeal between Athabasca and PetroChina International Investment Co.. R5 a, Y6 x7 i
Ltd. and finds its is likely to be of net benefit to Canada.
. W0 z, X3 r3 |9 `( R( `5 I Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& |* K; O4 P5 q- D+ O, fmade a number of significant commitments should they be allowed to
/ d8 c) P; b6 Y' b& G1 ^# Qacquire control of the MacKay and Dover oil sands projects.
3 B6 @; W; s1 b# E8 w Among other things, the Chinese concerns have agreed to capital
$ G- I& T @9 }9 S; E# ]% hexpenditures in excess of $250 million for developing the properties _% `) H e. @. z* N9 M/ ]
over the next three years.3 D8 G9 t% y6 {8 a/ b
They have also pledged to increase employment levels in Canada as* s0 y$ ]5 p. K) A$ \, y
they develop the projects over the next three years and to maintain
* {) K# K# p9 a* Nan Alberta head office for operating companies associated with the
. X2 l' p5 \7 Z- N4 [projects for the next five years.
, }5 ~5 n9 z$ J) [+ b8 I) M (The Canadian Press) |
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