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OTTAWA - Ottawa has given its blessing to the sale of properties
$ m+ n2 u, ?3 C2 lowned by Athabasca Oil Sands Corp. to a Chinese company.+ u+ e3 B" w" t9 ^% z* t5 o5 o) k
Federal Industry Minister Tony Clement says he has reviewed the
, I0 F3 b% E# Q cdeal between Athabasca and PetroChina International Investment Co.7 [) _! n7 b$ E! _0 k
Ltd. and finds its is likely to be of net benefit to Canada.
! R% e% `0 Z2 Y: g; m0 {( m Clement says PetroChina and its parent, PetroChina Co. Ltd., have& o' s" N- o; I# w, w
made a number of significant commitments should they be allowed to. V4 v% Q9 P+ y! k9 d) L
acquire control of the MacKay and Dover oil sands projects.
* }% f' z. W5 R" K" s' H Among other things, the Chinese concerns have agreed to capital" q( K* {. h. P/ |) y8 z8 C& V, ^
expenditures in excess of $250 million for developing the properties
( A$ i, S2 h4 t; Q1 r% yover the next three years.6 `3 z% Q/ j3 q7 u" \1 s/ p
They have also pledged to increase employment levels in Canada as
1 R: k1 x3 I4 K# r1 Pthey develop the projects over the next three years and to maintain
9 D0 L4 P+ K, a7 D8 g% i+ d3 ?an Alberta head office for operating companies associated with the
5 L8 i' ?, b3 d" O( Q% oprojects for the next five years.
+ o- q' q {3 H: D* @& P" \6 [1 [ (The Canadian Press) |
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