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OTTAWA - Ottawa has given its blessing to the sale of properties& G' o+ I1 M, I7 A) x% d5 A
owned by Athabasca Oil Sands Corp. to a Chinese company.
, j0 i E+ `' i$ v2 i' e Federal Industry Minister Tony Clement says he has reviewed the- h; S, s, l% \% P i( |8 I
deal between Athabasca and PetroChina International Investment Co.2 k) }+ n, J# H: k4 y
Ltd. and finds its is likely to be of net benefit to Canada.
/ `; B1 A1 v4 v Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 [6 d0 p8 |3 G& F) ?! U
made a number of significant commitments should they be allowed to
; ]9 t# ?+ {4 K/ r$ d6 K1 Dacquire control of the MacKay and Dover oil sands projects.' W- {. c0 k3 {; ?$ H1 `
Among other things, the Chinese concerns have agreed to capital8 Q$ h( l& G% P$ D5 ]+ A* f
expenditures in excess of $250 million for developing the properties. n8 Z0 j0 A6 K- V, o# s
over the next three years.
( u5 k) Y0 B- ~) w) t. d2 f They have also pledged to increase employment levels in Canada as3 i3 U+ p# K0 P
they develop the projects over the next three years and to maintain
; |3 f% ], h* q+ T0 jan Alberta head office for operating companies associated with the, w C: U a1 @# ~6 U/ b- a
projects for the next five years.1 `' A. A6 H- t% c3 G
(The Canadian Press) |
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