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OTTAWA - Ottawa has given its blessing to the sale of properties
7 q% W; d) g( X3 c' ^owned by Athabasca Oil Sands Corp. to a Chinese company.5 A! l! V4 h4 `- k0 E) ^$ h' z
Federal Industry Minister Tony Clement says he has reviewed the9 r$ y+ W+ n+ R* k2 R& V
deal between Athabasca and PetroChina International Investment Co.4 ^0 ~6 q4 Q1 v8 Z
Ltd. and finds its is likely to be of net benefit to Canada.0 P8 n+ {- _( `' H% I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 @" W* g1 h ]- z$ m; Rmade a number of significant commitments should they be allowed to. _' ` p7 t. K5 L0 U6 r
acquire control of the MacKay and Dover oil sands projects.
: }/ @* G) P8 V: c Among other things, the Chinese concerns have agreed to capital
9 a6 R0 v' L# ]expenditures in excess of $250 million for developing the properties0 R( U7 M9 S) Q6 L; g- u: j, g. b
over the next three years.
1 k' q7 A$ c- a" K* R They have also pledged to increase employment levels in Canada as
1 Y* H$ X o4 t3 v. J5 B8 }they develop the projects over the next three years and to maintain8 P* l' R D, p, z$ |
an Alberta head office for operating companies associated with the% A6 P1 z- F0 L) t3 B" k9 y+ ]# k
projects for the next five years.1 ~3 H& g& d, G. [
(The Canadian Press) |
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