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OTTAWA - Ottawa has given its blessing to the sale of properties
+ O1 F; r7 z. p, cowned by Athabasca Oil Sands Corp. to a Chinese company.
. \/ W3 A2 _3 |8 |7 _9 G Federal Industry Minister Tony Clement says he has reviewed the
% k2 }% d* M$ [! C& ~deal between Athabasca and PetroChina International Investment Co.
; v! y* q9 b$ ^! o, w" ~Ltd. and finds its is likely to be of net benefit to Canada.% m& A/ `4 R; Q b+ M( Q
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 |* V% {% o& g1 T/ h1 D
made a number of significant commitments should they be allowed to8 S% G( y. B- X& I
acquire control of the MacKay and Dover oil sands projects.
% `+ T4 F' _9 A/ l( @ Among other things, the Chinese concerns have agreed to capital" s1 _/ ]3 ^# @; y
expenditures in excess of $250 million for developing the properties W" l8 f. }/ B/ ?
over the next three years.
9 |; @7 ]) S3 s% K5 ^! y9 P/ c They have also pledged to increase employment levels in Canada as1 T' z) j: {* J0 c3 @+ G9 h _; o
they develop the projects over the next three years and to maintain
6 y# @# j& O. O p1 t; ian Alberta head office for operating companies associated with the
0 m. |& X) I: \8 s( _1 M& l3 N: I$ D) ?projects for the next five years.# H* Y/ k, Z3 }
(The Canadian Press) |
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