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OTTAWA - Ottawa has given its blessing to the sale of properties* q9 j6 C F# J4 N5 ~$ z0 a
owned by Athabasca Oil Sands Corp. to a Chinese company.
% J! M l; N8 ^. w6 k Federal Industry Minister Tony Clement says he has reviewed the4 ^* }4 B. [ u7 y) _$ @. h, m0 z
deal between Athabasca and PetroChina International Investment Co.+ S8 c) O4 V) a* B
Ltd. and finds its is likely to be of net benefit to Canada.$ d0 X5 d5 |( y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have( T Z1 A) |( }; I o& a
made a number of significant commitments should they be allowed to
& S4 \ t3 B# b8 wacquire control of the MacKay and Dover oil sands projects.. z/ _$ V, c( e& f r( X
Among other things, the Chinese concerns have agreed to capital
2 I, z' H7 J" G; J' g! _- M+ r- sexpenditures in excess of $250 million for developing the properties
/ }( P5 I9 `7 g0 \0 Fover the next three years.
) F2 ^! P4 f: E" Q2 ? They have also pledged to increase employment levels in Canada as' W6 {7 D8 q: R, l* e
they develop the projects over the next three years and to maintain5 ?+ O7 e$ M& h
an Alberta head office for operating companies associated with the3 T% a( p- N# H
projects for the next five years.6 H6 x* r4 Z) K F& t: s) g) X( o
(The Canadian Press) |
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