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OTTAWA - Ottawa has given its blessing to the sale of properties, O. i2 f& G- Z+ m1 m2 k
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 z" O( ]" r! I4 {5 F0 R! ^/ A Federal Industry Minister Tony Clement says he has reviewed the
7 N# u+ F3 q) Ndeal between Athabasca and PetroChina International Investment Co.0 N6 I) p0 u% G8 N+ z$ s
Ltd. and finds its is likely to be of net benefit to Canada.( P7 Z1 c" h& f* y7 E4 V
Clement says PetroChina and its parent, PetroChina Co. Ltd., have J, ?. d% _# {. ^, r6 M0 [
made a number of significant commitments should they be allowed to6 [5 e1 l2 p. |) x- R, U2 D6 P0 [
acquire control of the MacKay and Dover oil sands projects.! h% P$ H U" x9 `
Among other things, the Chinese concerns have agreed to capital8 i; l/ U% A8 T3 Y h
expenditures in excess of $250 million for developing the properties
$ |" b6 M& [+ {4 i# Lover the next three years.
% N2 M( U- _5 C) e c They have also pledged to increase employment levels in Canada as0 A, L3 M+ z; ?5 w
they develop the projects over the next three years and to maintain
$ y5 t$ S8 O; F' i+ s( |an Alberta head office for operating companies associated with the+ ~5 ~5 O' C' D% A$ Q
projects for the next five years.
1 v5 ~' j! d" K& \ (The Canadian Press) |
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