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OTTAWA - Ottawa has given its blessing to the sale of properties7 T) |) |. _/ Z% a; S8 W
owned by Athabasca Oil Sands Corp. to a Chinese company.
" j& X$ L5 \# \& d$ c4 p' a Federal Industry Minister Tony Clement says he has reviewed the. j5 f. w) @' w2 R8 D4 [
deal between Athabasca and PetroChina International Investment Co.
- c* O6 g/ j% }. sLtd. and finds its is likely to be of net benefit to Canada.
6 y; {# m4 e8 [6 q- v3 y Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 @. | b" |# \7 H/ I' ^made a number of significant commitments should they be allowed to5 j8 _7 n" ~0 M1 X
acquire control of the MacKay and Dover oil sands projects.
9 F7 b6 S9 \/ a. a8 z* n Among other things, the Chinese concerns have agreed to capital/ n' v4 J, Y) X- U& L) ], c
expenditures in excess of $250 million for developing the properties
2 h' m; s; m9 i/ dover the next three years.
0 M& _7 ?/ D% X( F0 Q They have also pledged to increase employment levels in Canada as2 n4 B4 G2 i0 G& G( ~" ^
they develop the projects over the next three years and to maintain1 {* E N+ {$ g5 f! }% q- H- k
an Alberta head office for operating companies associated with the- { D) v8 j8 c$ v5 O0 l
projects for the next five years.6 m+ y& `6 K! d9 @: I; g, |
(The Canadian Press) |
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