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OTTAWA - Ottawa has given its blessing to the sale of properties
}& V4 ?! q; l7 B. I Gowned by Athabasca Oil Sands Corp. to a Chinese company.
. c4 ^! L, Y9 h) Q; L Federal Industry Minister Tony Clement says he has reviewed the9 p# a: V( w1 t, P' ~$ F
deal between Athabasca and PetroChina International Investment Co.
4 S4 \# }0 y$ ]$ E5 {% KLtd. and finds its is likely to be of net benefit to Canada.
) Z7 Y) m7 ^: d Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 W' r7 L" b4 ^0 X1 ~
made a number of significant commitments should they be allowed to* g* a |+ m) } t$ [
acquire control of the MacKay and Dover oil sands projects.
3 w( l5 |* Q+ ~3 u7 ^+ b1 m* W Among other things, the Chinese concerns have agreed to capital
5 Y/ |: h7 n. S, j" Q7 vexpenditures in excess of $250 million for developing the properties
- H$ G' u7 V' h! G0 H5 d7 E. nover the next three years.
" k: k+ O1 @7 k2 C( y3 o! Y They have also pledged to increase employment levels in Canada as5 m# `$ H2 _/ O6 `4 f5 r
they develop the projects over the next three years and to maintain
. i4 r! q# v! o5 G9 m9 T- V: O, qan Alberta head office for operating companies associated with the* R9 l @) c. S( r: E1 d# S
projects for the next five years.% W& p; `. {) r
(The Canadian Press) |
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