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OTTAWA - Ottawa has given its blessing to the sale of properties- O! ~" J& t4 G, r
owned by Athabasca Oil Sands Corp. to a Chinese company.1 d& I1 W# @* R# S: t: s
Federal Industry Minister Tony Clement says he has reviewed the- `8 @/ Y- E8 d2 G0 I1 f
deal between Athabasca and PetroChina International Investment Co.
7 c1 h9 k, ^% F" x( d# wLtd. and finds its is likely to be of net benefit to Canada.
: z e8 g1 l) ?; d. z" z; V Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 l4 {+ w, h' G
made a number of significant commitments should they be allowed to
# ]! q& S2 i# Z! w& ~) Pacquire control of the MacKay and Dover oil sands projects.
5 @5 a- z1 g: e' l, n5 Q5 O; I Among other things, the Chinese concerns have agreed to capital
, |7 E9 X8 X ~1 \expenditures in excess of $250 million for developing the properties1 J G0 I( N& \9 {
over the next three years.
8 H: [( M! k' r3 q4 Z8 D( z They have also pledged to increase employment levels in Canada as" o9 w. A( `+ }
they develop the projects over the next three years and to maintain
! C* H! j, u7 M9 B/ f! q5 L; L. Pan Alberta head office for operating companies associated with the5 ]2 k$ X5 }! s8 R2 M; z3 p% I
projects for the next five years.
' L8 X8 t' y, v0 v9 R# ] (The Canadian Press) |
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