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OTTAWA - Ottawa has given its blessing to the sale of properties
# G# b& x/ l- L) J% L4 e7 fowned by Athabasca Oil Sands Corp. to a Chinese company.
& }1 w: n' X! {6 C! q. p# G2 H Federal Industry Minister Tony Clement says he has reviewed the% K2 h5 ^4 u8 e* x0 R" _* X* e' e ^
deal between Athabasca and PetroChina International Investment Co.9 X( Q& X2 j* G: W7 L% f; t. t5 _
Ltd. and finds its is likely to be of net benefit to Canada.* v( ?7 R) l5 m4 V% ]7 n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 b0 a3 W+ H! e0 Ymade a number of significant commitments should they be allowed to
4 @- m! u8 P" v7 O" l! Y( gacquire control of the MacKay and Dover oil sands projects.
: F& }' ~7 [& F; |& i5 ]( y! g Among other things, the Chinese concerns have agreed to capital
% O3 {: [4 f: r( E- mexpenditures in excess of $250 million for developing the properties
, ]# }# x0 c& V6 z6 J; Q: eover the next three years.! a5 d% P3 ? I6 q) F
They have also pledged to increase employment levels in Canada as" M# K2 n5 G% R8 @
they develop the projects over the next three years and to maintain- V; n v7 Q" m: l) K- f& M
an Alberta head office for operating companies associated with the
$ R# R* n9 f0 _# S/ |projects for the next five years.- `, f7 o1 F" U
(The Canadian Press) |
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