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OTTAWA - Ottawa has given its blessing to the sale of properties. W% ~+ X5 w6 N. o
owned by Athabasca Oil Sands Corp. to a Chinese company.2 D. G; X' ~3 D1 Z
Federal Industry Minister Tony Clement says he has reviewed the
& `3 g9 H! o7 [deal between Athabasca and PetroChina International Investment Co.0 a7 ^& r1 r& |* ]) s0 @2 V
Ltd. and finds its is likely to be of net benefit to Canada.- v) U" O& }- Y4 _+ L( M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; V4 E* ?# l# h6 ]* Z; `+ tmade a number of significant commitments should they be allowed to
9 Z, P( T+ H6 a8 G# R" Oacquire control of the MacKay and Dover oil sands projects.- G# T, O( d0 g8 X
Among other things, the Chinese concerns have agreed to capital
# Y3 P# s) `. F: q' yexpenditures in excess of $250 million for developing the properties& v. U7 _! x" w# U! e. i3 ^1 k
over the next three years.
3 R8 P ~0 ?# P6 ~ They have also pledged to increase employment levels in Canada as
4 S5 a0 ]$ t( \3 D4 c7 Pthey develop the projects over the next three years and to maintain
; L5 i$ Z+ v3 s w" O. \an Alberta head office for operating companies associated with the
3 c, b4 A* F6 _& @projects for the next five years.
" V o- N% T7 y ]* v (The Canadian Press) |
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