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OTTAWA - Ottawa has given its blessing to the sale of properties
% l' s+ k: M1 P: S- Kowned by Athabasca Oil Sands Corp. to a Chinese company.
+ }7 x6 I& K: |4 `- ^' D6 ? Federal Industry Minister Tony Clement says he has reviewed the' G; s- [$ u N
deal between Athabasca and PetroChina International Investment Co." x0 z* x8 ~3 B5 V) j
Ltd. and finds its is likely to be of net benefit to Canada.* E* C2 O# _( ]) s& D3 ]* z% A4 |! O
Clement says PetroChina and its parent, PetroChina Co. Ltd., have% t9 p* Y( d' B- G
made a number of significant commitments should they be allowed to
5 a* ~+ Y" k- R5 c( [: D# W+ b5 x1 Nacquire control of the MacKay and Dover oil sands projects.
8 A; K* y5 {+ k0 o3 e5 a' _$ ` Among other things, the Chinese concerns have agreed to capital" Y, G9 S3 k4 V1 n' [
expenditures in excess of $250 million for developing the properties
, ]1 I5 l( t' s1 A. O* Dover the next three years.
/ V; Y5 G. t* E7 r) A5 Q* S# d They have also pledged to increase employment levels in Canada as, @! H( z4 {" j X' q) ]
they develop the projects over the next three years and to maintain
7 ?0 E# X8 C' ]1 e" D d9 ]an Alberta head office for operating companies associated with the" l- t- y+ a, q& q8 w
projects for the next five years.$ f8 i5 {) d% E2 O4 d
(The Canadian Press) |
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