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OTTAWA - Ottawa has given its blessing to the sale of properties& p9 T+ } j3 r) U% \ n' C. m
owned by Athabasca Oil Sands Corp. to a Chinese company.
8 U! P5 X" o& u u2 g Federal Industry Minister Tony Clement says he has reviewed the4 w2 E' m$ c! I1 e& E
deal between Athabasca and PetroChina International Investment Co.0 X1 i& _" e6 j" ^9 e% `& x- C+ E
Ltd. and finds its is likely to be of net benefit to Canada.
' h! ^9 h) J, K Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* t$ Z& f/ U h! b2 rmade a number of significant commitments should they be allowed to
% X* X, y, u) l- L! u( a$ `! }acquire control of the MacKay and Dover oil sands projects.
; K. q; A; L$ n+ X' p Among other things, the Chinese concerns have agreed to capital
( a0 ` _9 }8 N! K1 ~expenditures in excess of $250 million for developing the properties
; m% x2 p& m( Y: C4 Z; Cover the next three years.. \) B7 J6 m" k6 |% ~ B3 E7 k
They have also pledged to increase employment levels in Canada as
. a. E. |# c3 Z! }: zthey develop the projects over the next three years and to maintain: ^3 U& p+ n/ C
an Alberta head office for operating companies associated with the
' q' l/ c, |! |) p' n$ \projects for the next five years.; ?: {7 r( s' k# i% {
(The Canadian Press) |
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