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OTTAWA - Ottawa has given its blessing to the sale of properties
$ F* w2 y& Y7 v2 o& t- @0 e" qowned by Athabasca Oil Sands Corp. to a Chinese company.; ~* }' p# S0 X% Z1 h0 B7 u
Federal Industry Minister Tony Clement says he has reviewed the9 p4 p$ W# J& M4 ^( Y5 p' k: Q z
deal between Athabasca and PetroChina International Investment Co.7 {' s3 Z+ `0 P/ e) G* |
Ltd. and finds its is likely to be of net benefit to Canada.! B5 }6 @" K2 Y) }, o+ J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; d$ D3 x; r! d Pmade a number of significant commitments should they be allowed to
1 W5 w% `* X9 B" L$ macquire control of the MacKay and Dover oil sands projects.5 u& A" Z# Z0 ]+ [. N
Among other things, the Chinese concerns have agreed to capital
n- R6 \6 f, k! `2 [9 f' wexpenditures in excess of $250 million for developing the properties2 _* b' d+ Z- H' b1 m
over the next three years.
2 z8 d; Q B+ a8 Z& E They have also pledged to increase employment levels in Canada as
- L" Q: `- W; Y, F& m" V% I! nthey develop the projects over the next three years and to maintain
$ k% i' U! u$ g, i/ Gan Alberta head office for operating companies associated with the
9 u/ Y0 X) L) {0 P( u8 lprojects for the next five years.
, A+ s7 g1 ], V' J4 m, ]) C p (The Canadian Press) |
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