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OTTAWA - Ottawa has given its blessing to the sale of properties
0 t/ e3 a+ o2 v+ m, Fowned by Athabasca Oil Sands Corp. to a Chinese company.
! C3 G( [4 T( y1 i7 b. F Federal Industry Minister Tony Clement says he has reviewed the
' q0 V ?; {, R8 E2 Cdeal between Athabasca and PetroChina International Investment Co.2 [3 C6 P- {# f: Z8 r6 @
Ltd. and finds its is likely to be of net benefit to Canada.. }/ Y/ H% w; Y/ R* x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: r" i+ C- k9 Y* c+ r
made a number of significant commitments should they be allowed to
& E& u9 w$ S- H0 o. Hacquire control of the MacKay and Dover oil sands projects.0 z* I8 @1 G2 ] k, n1 Z$ }* q
Among other things, the Chinese concerns have agreed to capital
0 b- Q; F8 d0 F' I9 _) f5 Oexpenditures in excess of $250 million for developing the properties
" h/ v$ u7 k; Q# w" _) n; Rover the next three years.! B$ G' s1 F% t
They have also pledged to increase employment levels in Canada as
. p% w: ~, z. ?' B, F, ]* hthey develop the projects over the next three years and to maintain1 x" u" D7 Z, K8 \: U
an Alberta head office for operating companies associated with the
0 E3 s! |8 T) Z7 Vprojects for the next five years.6 M7 s& x1 B& P& t- g. S$ C
(The Canadian Press) |
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