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OTTAWA - Ottawa has given its blessing to the sale of properties
6 F/ y5 c! H* c# d: [owned by Athabasca Oil Sands Corp. to a Chinese company.
) S6 R, P( Q- |4 }2 C# C Federal Industry Minister Tony Clement says he has reviewed the2 N* d- R2 _0 V' k( m7 e; N
deal between Athabasca and PetroChina International Investment Co.
3 D# k7 ^2 B, q5 _" RLtd. and finds its is likely to be of net benefit to Canada.6 g, p" j- {3 @8 P# k! ]0 X/ C
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# U- j3 }9 E" @7 V0 dmade a number of significant commitments should they be allowed to
' G T4 X0 k" T7 ^ Y8 _8 k. b' wacquire control of the MacKay and Dover oil sands projects.1 X$ N# B" g8 j! J
Among other things, the Chinese concerns have agreed to capital
7 _, ?! u" b! N3 Hexpenditures in excess of $250 million for developing the properties
% z# Z% F# |1 o4 hover the next three years.& _2 T9 \; K# Z8 g4 o6 D
They have also pledged to increase employment levels in Canada as
% O7 X- ]( ]; ^) g {! Zthey develop the projects over the next three years and to maintain
; l: M7 H* I, t" F8 [" xan Alberta head office for operating companies associated with the
7 o: ]2 y( T; O- Kprojects for the next five years.+ h6 }& I, _8 R+ K
(The Canadian Press) |
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