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OTTAWA - Ottawa has given its blessing to the sale of properties
5 h4 N) j& P( k+ V0 d- |owned by Athabasca Oil Sands Corp. to a Chinese company.
$ |4 ?- ~! W3 n# ]8 t1 @ Federal Industry Minister Tony Clement says he has reviewed the
- ?1 ?0 F+ F1 t! }deal between Athabasca and PetroChina International Investment Co.5 W- d; a& f, S; j2 b) R- G
Ltd. and finds its is likely to be of net benefit to Canada.( p8 a8 U, h- ?. r& O6 {: I& v! j1 V
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 P4 }8 S4 y" N& J% E# y$ A8 vmade a number of significant commitments should they be allowed to/ l4 x0 F# n5 q+ M# J% Y! k! i
acquire control of the MacKay and Dover oil sands projects., J6 d/ X8 \1 D- ^
Among other things, the Chinese concerns have agreed to capital. W4 z- k# }$ u
expenditures in excess of $250 million for developing the properties* w8 p5 R* C8 @) r
over the next three years.
4 z4 U4 `' j- U2 E5 _) U5 g They have also pledged to increase employment levels in Canada as4 |- @+ |6 N2 k2 B9 f8 v6 T
they develop the projects over the next three years and to maintain) N C" w' G0 \2 S4 q
an Alberta head office for operating companies associated with the
: o3 |% L7 R! E/ |; Eprojects for the next five years.
$ K$ |2 y" A0 X7 C$ b% L (The Canadian Press) |
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