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OTTAWA - Ottawa has given its blessing to the sale of properties1 b6 G5 n F* @* O8 s- e: g
owned by Athabasca Oil Sands Corp. to a Chinese company.& m9 ?" X9 @, [+ e3 M$ E$ a
Federal Industry Minister Tony Clement says he has reviewed the/ I9 O. v& G \" j
deal between Athabasca and PetroChina International Investment Co.
$ X& ~2 _. A0 ~: K6 |1 P) mLtd. and finds its is likely to be of net benefit to Canada.6 N2 x0 K% n" M# ~9 \
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: h6 R( k& k2 x1 ?* y
made a number of significant commitments should they be allowed to
! N7 [8 m5 W1 j) B7 Sacquire control of the MacKay and Dover oil sands projects.
, j1 W9 N/ H% E* O* R Among other things, the Chinese concerns have agreed to capital
. v. W% J! F/ a$ Cexpenditures in excess of $250 million for developing the properties# @; \- k% h# ?. A
over the next three years.
# b: Z! P/ c; m They have also pledged to increase employment levels in Canada as/ i! E) E0 x& H D8 q7 G: U
they develop the projects over the next three years and to maintain
! z- D/ [0 X3 Z1 R) m# ?0 [0 [an Alberta head office for operating companies associated with the1 y+ D# P- G$ S: s! c
projects for the next five years.+ t3 F) f8 N) e
(The Canadian Press) |
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