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OTTAWA - Ottawa has given its blessing to the sale of properties" V" Q7 U6 g% ?8 R9 t
owned by Athabasca Oil Sands Corp. to a Chinese company.# C) Y- R( Y# p2 q M9 i# H. \
Federal Industry Minister Tony Clement says he has reviewed the1 X- X8 B2 _/ C2 K
deal between Athabasca and PetroChina International Investment Co.
% b% U8 a$ _4 yLtd. and finds its is likely to be of net benefit to Canada.
$ T+ n7 f( U) \ Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 S( S! j+ E0 R8 ~ A: S: @
made a number of significant commitments should they be allowed to
# K( @% R! j& \) Z* a W/ Cacquire control of the MacKay and Dover oil sands projects." k$ d) \7 h) e. C( T% ^
Among other things, the Chinese concerns have agreed to capital
- I" E/ K: Y0 a. ]5 l8 m3 G- vexpenditures in excess of $250 million for developing the properties' E2 `9 _# _ a$ C, I
over the next three years. `! B! ?2 H, k' w4 {% `1 p& Y
They have also pledged to increase employment levels in Canada as- C7 |) ~+ D8 R
they develop the projects over the next three years and to maintain' E, M! H k( y4 @! T
an Alberta head office for operating companies associated with the3 P/ |& ]% g' j' Z1 }( r9 b5 S
projects for the next five years.3 A2 W+ U* H# x# y* X3 {4 z, P
(The Canadian Press) |
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