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OTTAWA - Ottawa has given its blessing to the sale of properties
1 m' Q# z; S$ {" K+ Vowned by Athabasca Oil Sands Corp. to a Chinese company.
5 ]8 Y. |$ b7 ~% l. o Federal Industry Minister Tony Clement says he has reviewed the
" e7 r4 J& j9 |( }2 y$ Cdeal between Athabasca and PetroChina International Investment Co.
: o3 B! d, Y$ c: x* DLtd. and finds its is likely to be of net benefit to Canada.
; N! V4 ~" q) w+ U) f. x- V Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; A! v) Z8 i4 M. G6 Ymade a number of significant commitments should they be allowed to4 i; N) ~, g9 w
acquire control of the MacKay and Dover oil sands projects.: L- J5 ]5 ]3 H" h: _5 {
Among other things, the Chinese concerns have agreed to capital2 s+ E$ [# b+ r* G
expenditures in excess of $250 million for developing the properties) U7 o* y7 \& ^' d! q* Z4 \
over the next three years./ t" U. a6 W8 ]9 C) H& n
They have also pledged to increase employment levels in Canada as' K8 k7 J, [8 f+ T
they develop the projects over the next three years and to maintain
7 j/ a0 M, k6 h ^# `an Alberta head office for operating companies associated with the
* [ _/ Z R$ b5 Aprojects for the next five years.) N1 c& F$ W. B6 X+ P9 b+ D
(The Canadian Press) |
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