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OTTAWA - Ottawa has given its blessing to the sale of properties
3 V: \6 _4 O$ N9 T/ H+ cowned by Athabasca Oil Sands Corp. to a Chinese company.
1 [# \) x$ m3 C7 ~. f4 m0 ], Z1 }: B Federal Industry Minister Tony Clement says he has reviewed the3 _3 }7 y& Q1 q
deal between Athabasca and PetroChina International Investment Co.
. M# I, x3 P6 q! l7 XLtd. and finds its is likely to be of net benefit to Canada.
1 \% ?% y* H5 i Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 [" {4 |0 C8 Q/ n# ]! O3 [made a number of significant commitments should they be allowed to
+ \( q4 A4 J! }6 j; J* D& aacquire control of the MacKay and Dover oil sands projects.
! f8 E7 ~- w* F) N# N* j Among other things, the Chinese concerns have agreed to capital5 a6 K2 }# H7 g& z+ N" C% r1 @
expenditures in excess of $250 million for developing the properties
, H O$ ]* I, l5 }' X, Xover the next three years.
8 i& C* _) g" C* k" e5 x( i They have also pledged to increase employment levels in Canada as8 Y# |0 L7 d+ I) U8 b/ v$ `
they develop the projects over the next three years and to maintain T$ `! `9 a# I/ R
an Alberta head office for operating companies associated with the- _- N+ e9 T5 K2 Q- W' U3 a7 d+ W
projects for the next five years.% r5 }' A' {* ]$ s, m8 P. v
(The Canadian Press) |
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