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OTTAWA - Ottawa has given its blessing to the sale of properties% q. C* e9 }' g
owned by Athabasca Oil Sands Corp. to a Chinese company., X1 U; H' ]$ v- O! _7 H
Federal Industry Minister Tony Clement says he has reviewed the. Z! E" I% S$ K
deal between Athabasca and PetroChina International Investment Co.
3 E$ a. R- } S p( \0 o& O. `* TLtd. and finds its is likely to be of net benefit to Canada.
# P+ M) A4 ^6 _4 r* w9 Y/ z Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ l' j8 ^$ N: e3 H K4 v" x# O; G
made a number of significant commitments should they be allowed to4 |8 B2 t; q E# B, i
acquire control of the MacKay and Dover oil sands projects.
' B% N# ]2 `" F" S; T# l. i% i& Z Among other things, the Chinese concerns have agreed to capital
& V- W7 P9 m0 dexpenditures in excess of $250 million for developing the properties
) S3 i! Z2 U. V/ d" n8 C. hover the next three years.
' o0 ]3 Y6 F' n% C, ] They have also pledged to increase employment levels in Canada as1 m- d5 j _* p
they develop the projects over the next three years and to maintain
2 j3 ^ A! k6 xan Alberta head office for operating companies associated with the" E$ |- i, l: u1 V. T& L3 v
projects for the next five years.
[: v$ _1 O9 M6 g" l (The Canadian Press) |
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