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OTTAWA - Ottawa has given its blessing to the sale of properties( F2 z2 W! x/ ?# J% G
owned by Athabasca Oil Sands Corp. to a Chinese company.( D8 [$ Y% b9 L8 b9 e
Federal Industry Minister Tony Clement says he has reviewed the+ o0 A% g& v! M7 B
deal between Athabasca and PetroChina International Investment Co.
; w$ z8 C; K( I6 T5 ]. {Ltd. and finds its is likely to be of net benefit to Canada.
; c/ |1 F7 W" f1 R) L Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: |# [9 K9 ^$ {" q) P' F- u0 |. Amade a number of significant commitments should they be allowed to, q, R* Y" [& q0 h. q
acquire control of the MacKay and Dover oil sands projects.! a* V' _* i c7 B- x! O8 ?
Among other things, the Chinese concerns have agreed to capital8 m& @/ ?/ Q' S' i H4 L- ]8 N9 V, m
expenditures in excess of $250 million for developing the properties
/ E3 ~/ c# U+ o5 ?0 P$ Pover the next three years." ^- F) W, ]) ~0 u* v
They have also pledged to increase employment levels in Canada as$ N4 D; E5 M& q3 S) U
they develop the projects over the next three years and to maintain+ _8 b) ?. S4 O6 p. N- F5 x" j3 F( s
an Alberta head office for operating companies associated with the
: I& S% ?; I7 e9 m& jprojects for the next five years.
: `4 T( y& }8 m. s0 I" ~' f (The Canadian Press) |
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