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OTTAWA - Ottawa has given its blessing to the sale of properties
6 I9 P, O t1 Vowned by Athabasca Oil Sands Corp. to a Chinese company.
+ T' _9 X! T0 ~ Federal Industry Minister Tony Clement says he has reviewed the* b5 p5 z; z5 a% x$ x8 `
deal between Athabasca and PetroChina International Investment Co. Y( y9 J( o5 g5 p8 e; M; c
Ltd. and finds its is likely to be of net benefit to Canada.6 y2 k/ I, Q, N3 `4 [" Y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 @# j" P z5 }0 H
made a number of significant commitments should they be allowed to/ e& U* E" w+ S- E$ G0 n
acquire control of the MacKay and Dover oil sands projects.# c3 T" s9 H2 ]$ U9 f2 s
Among other things, the Chinese concerns have agreed to capital9 x5 D8 |2 M0 R6 r9 e9 ~
expenditures in excess of $250 million for developing the properties1 [7 k( D2 X9 m) t) ^+ m
over the next three years.* \+ C }- `/ d. i3 L
They have also pledged to increase employment levels in Canada as
% Y5 i4 e6 o; i! x$ y: pthey develop the projects over the next three years and to maintain) E, |1 j6 q7 L! Z6 o
an Alberta head office for operating companies associated with the' [; e. w& W3 w
projects for the next five years.2 Z. g/ J( i) C: H! B- k
(The Canadian Press) |
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