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OTTAWA - Ottawa has given its blessing to the sale of properties+ k9 o% z5 _/ d8 x' ^/ \, E
owned by Athabasca Oil Sands Corp. to a Chinese company.. y- |' e0 O0 m2 `! v7 m, X
Federal Industry Minister Tony Clement says he has reviewed the9 N' z& J: o N: x( q r3 a
deal between Athabasca and PetroChina International Investment Co." s& C+ ?1 w1 ]4 M) \4 H) y |
Ltd. and finds its is likely to be of net benefit to Canada.
" c' c, A1 U2 v- y/ P' `; B2 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have
! P6 x8 [: F @; rmade a number of significant commitments should they be allowed to/ W$ b2 ~) @, ?, g0 p
acquire control of the MacKay and Dover oil sands projects.
, Q+ b6 \( Q6 G6 l: n Among other things, the Chinese concerns have agreed to capital/ L7 c, F9 E5 a' u- a. Q
expenditures in excess of $250 million for developing the properties
( n2 c2 O* b. t# aover the next three years.! F( Z6 o6 v( ~/ d
They have also pledged to increase employment levels in Canada as
# j: w% J& b; D6 B6 [they develop the projects over the next three years and to maintain
8 ?1 z1 A' n4 F7 q* {+ g8 ian Alberta head office for operating companies associated with the
& k# C' T: M& S* hprojects for the next five years.
/ B( g- {/ h0 ^" f- u (The Canadian Press) |
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