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OTTAWA - Ottawa has given its blessing to the sale of properties7 w9 i2 d8 y6 `2 j% w- I* R$ S
owned by Athabasca Oil Sands Corp. to a Chinese company.) a* H) n$ Z5 Y
Federal Industry Minister Tony Clement says he has reviewed the1 i1 \7 W! x3 l) z9 u8 P' B
deal between Athabasca and PetroChina International Investment Co.+ q2 ~4 f9 x5 E4 ^! S# }. r% } h
Ltd. and finds its is likely to be of net benefit to Canada.* s2 X! d" p; X2 n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 c5 p# P/ t# g) smade a number of significant commitments should they be allowed to: o" l4 H( Z7 @$ ^
acquire control of the MacKay and Dover oil sands projects.' G' `+ ~* H. l
Among other things, the Chinese concerns have agreed to capital5 t3 d# f. [! d% |6 [
expenditures in excess of $250 million for developing the properties: J$ d: e. y5 i. V
over the next three years.
5 z$ @% N4 c: ` They have also pledged to increase employment levels in Canada as
' R; [! J" \+ I3 q5 j4 q, Othey develop the projects over the next three years and to maintain
6 T9 V9 l8 H: |an Alberta head office for operating companies associated with the
; C A' M9 ^5 U4 u" y' Y$ ]- b' Tprojects for the next five years.( Z, r H% r% V; p
(The Canadian Press) |
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