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OTTAWA - Ottawa has given its blessing to the sale of properties1 I3 _' f* L1 y Z
owned by Athabasca Oil Sands Corp. to a Chinese company., d: o$ `" P9 B2 S- h) t# |
Federal Industry Minister Tony Clement says he has reviewed the5 i0 R! n- L, P. R
deal between Athabasca and PetroChina International Investment Co.# ?+ e0 v( c* X/ c+ D/ A% E
Ltd. and finds its is likely to be of net benefit to Canada.
5 D4 [# n7 @) O, Q* z Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ j r3 M& j( h P% S
made a number of significant commitments should they be allowed to
6 h9 h+ t: q ^# B* k% macquire control of the MacKay and Dover oil sands projects.
9 v4 u) Q7 v3 r7 ^0 P Among other things, the Chinese concerns have agreed to capital
% A& o. g" y, Q; o) _7 C" d8 A- [expenditures in excess of $250 million for developing the properties, o3 P0 Y7 m3 I
over the next three years.
8 T3 G4 e, O; ?& M: P% ` They have also pledged to increase employment levels in Canada as
. K9 T2 J2 D4 w0 m3 f3 uthey develop the projects over the next three years and to maintain
# q6 t% o4 L& i/ c% Ian Alberta head office for operating companies associated with the
& V9 N: V5 |3 }; a( \7 Dprojects for the next five years.+ g g1 S$ G* Q' L
(The Canadian Press) |
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