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OTTAWA - Ottawa has given its blessing to the sale of properties
0 E$ Y0 a& R; M' M2 K5 Q1 X @owned by Athabasca Oil Sands Corp. to a Chinese company.
* |+ {- M( j3 e' n2 Z& s" a; R Federal Industry Minister Tony Clement says he has reviewed the
. F; a, T4 i# t+ z+ pdeal between Athabasca and PetroChina International Investment Co.& Y7 b9 C4 ]7 l0 K# Q
Ltd. and finds its is likely to be of net benefit to Canada.
7 _7 ]. u, p; e t+ E Clement says PetroChina and its parent, PetroChina Co. Ltd., have
' n8 O5 O) n& q- o, Y: y$ Zmade a number of significant commitments should they be allowed to
# U+ }6 E! p$ M+ Vacquire control of the MacKay and Dover oil sands projects. v, S9 t8 o: r9 G, h7 g
Among other things, the Chinese concerns have agreed to capital$ E2 ~# ^( ?. V# G, f. m' P
expenditures in excess of $250 million for developing the properties) c: l F% H5 f$ L$ _
over the next three years.
+ B: N1 I9 d0 j( |0 o They have also pledged to increase employment levels in Canada as
2 W$ D7 N/ d" {4 s9 @they develop the projects over the next three years and to maintain
& o" g8 ~& T: W( ]. ban Alberta head office for operating companies associated with the, |' _* A6 G. y: i! x
projects for the next five years.) k) z4 ^! o' z( A) }) r* y, `
(The Canadian Press) |
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