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OTTAWA - Ottawa has given its blessing to the sale of properties& z* R; ^+ s1 {: z6 x5 K5 h
owned by Athabasca Oil Sands Corp. to a Chinese company.$ A6 p8 G5 m/ a
Federal Industry Minister Tony Clement says he has reviewed the" q ?2 W5 F+ ?8 v$ T4 P4 u
deal between Athabasca and PetroChina International Investment Co.
. j9 U* g6 P5 S/ {4 _$ s6 RLtd. and finds its is likely to be of net benefit to Canada.
% H, _8 V; ^2 r8 d1 D, w Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 J3 C5 q4 u6 O3 d3 Vmade a number of significant commitments should they be allowed to
, o% O0 u- c( \" w% ^1 Macquire control of the MacKay and Dover oil sands projects.
( t" T1 Y/ Q2 ~4 y Among other things, the Chinese concerns have agreed to capital2 X; T0 A3 H& }6 k) R
expenditures in excess of $250 million for developing the properties
# q# c* S# t! A; @over the next three years.
! j' m2 l3 s. e They have also pledged to increase employment levels in Canada as3 P/ M* j) D$ Q& K4 m7 m
they develop the projects over the next three years and to maintain
% |" }) Q. j/ Can Alberta head office for operating companies associated with the. m" |% L5 L4 l. U
projects for the next five years.% p9 ^# a/ k8 h2 w" z% [
(The Canadian Press) |
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