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OTTAWA - Ottawa has given its blessing to the sale of properties' o9 s- W/ u V! O g
owned by Athabasca Oil Sands Corp. to a Chinese company.
& ^/ M$ _ y: ^+ k. m1 o" n* ^0 B1 Y# C Federal Industry Minister Tony Clement says he has reviewed the
. U1 g! N( s' rdeal between Athabasca and PetroChina International Investment Co.$ }% k3 X# m l4 P
Ltd. and finds its is likely to be of net benefit to Canada.
2 |7 x: k. V b1 W1 Y0 W( j Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- ` g3 n% E/ }. fmade a number of significant commitments should they be allowed to
( ~6 k9 G) J; k! v' Macquire control of the MacKay and Dover oil sands projects.
; g5 G: w( {) X7 I3 O" c, a! p Among other things, the Chinese concerns have agreed to capital
, A$ l$ W a7 y, ^: T, g( wexpenditures in excess of $250 million for developing the properties
' j6 o, `9 U" jover the next three years.
5 o% @8 @8 m& e1 O# q/ `; } They have also pledged to increase employment levels in Canada as
% k j( X0 m! V* n+ i6 ]they develop the projects over the next three years and to maintain
1 H$ {1 n! U" S# O6 E& r( dan Alberta head office for operating companies associated with the
% c% |0 F: C2 D* ` qprojects for the next five years.
/ M' U2 n4 g5 \2 M+ O+ W- M (The Canadian Press) |
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