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OTTAWA - Ottawa has given its blessing to the sale of properties
1 M ?$ |2 j3 sowned by Athabasca Oil Sands Corp. to a Chinese company.( v9 q- V$ p! M( m; ?2 i l
Federal Industry Minister Tony Clement says he has reviewed the
8 B- U+ A5 G) l3 |) X$ a0 i8 _deal between Athabasca and PetroChina International Investment Co./ n x! E5 r2 G7 i) Q
Ltd. and finds its is likely to be of net benefit to Canada.
3 p4 q( c$ W3 a' Y0 ~ Clement says PetroChina and its parent, PetroChina Co. Ltd., have5 r: t( V6 r0 b* Z4 t4 c4 _
made a number of significant commitments should they be allowed to
4 D$ R5 X8 x5 Xacquire control of the MacKay and Dover oil sands projects.
- J) A: L% h# W Among other things, the Chinese concerns have agreed to capital
& B6 S/ c# ~. H, E& j4 Zexpenditures in excess of $250 million for developing the properties
7 @- \8 z& F0 _& b& P! Z/ g' lover the next three years.! c* |$ k [; p9 C8 A2 ^# @
They have also pledged to increase employment levels in Canada as% F, _: c1 P2 f6 k
they develop the projects over the next three years and to maintain6 u' ^" `+ f3 E6 |& R
an Alberta head office for operating companies associated with the
1 W& e' v: ~2 T, {8 [projects for the next five years.4 d, w5 e6 d+ R0 S5 d. g
(The Canadian Press) |
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