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OTTAWA - Ottawa has given its blessing to the sale of properties5 N: w8 N0 |( T3 \
owned by Athabasca Oil Sands Corp. to a Chinese company.7 b ]3 u+ p) s
Federal Industry Minister Tony Clement says he has reviewed the
/ l3 e' u4 v, Y$ F% G3 Odeal between Athabasca and PetroChina International Investment Co.- `8 E- _; ~+ M4 b
Ltd. and finds its is likely to be of net benefit to Canada.
; C1 ]+ p$ a! F1 a5 w1 ? Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 O/ f! j9 v- X$ ]
made a number of significant commitments should they be allowed to
* S7 d2 i1 K0 O2 R4 tacquire control of the MacKay and Dover oil sands projects.
- s3 L z& h% N7 b% \1 ]! d Among other things, the Chinese concerns have agreed to capital6 m5 k }+ W8 [8 }+ v, N* y
expenditures in excess of $250 million for developing the properties. g5 g3 R" Z1 {
over the next three years.
& c8 @1 B6 M. R/ I7 j2 O: {4 s, x They have also pledged to increase employment levels in Canada as
+ ]) C. c4 K) s6 uthey develop the projects over the next three years and to maintain
" q/ K8 k8 g+ ~ @* G, n9 Gan Alberta head office for operating companies associated with the3 X" K% \7 J8 f& h* h
projects for the next five years.
7 S2 }& F, i& ?/ u (The Canadian Press) |
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