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OTTAWA - Ottawa has given its blessing to the sale of properties. v9 E' q5 X1 G( S
owned by Athabasca Oil Sands Corp. to a Chinese company.2 B; d* x: o# z+ ~; e
Federal Industry Minister Tony Clement says he has reviewed the! U- x- j* V, s) w
deal between Athabasca and PetroChina International Investment Co.
# `2 B, a& m% H2 FLtd. and finds its is likely to be of net benefit to Canada.
" n) |# U: V" a# }9 f! }9 E Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 K; j+ r$ V3 v% y9 d, G1 r# s) ^8 e9 ~6 V
made a number of significant commitments should they be allowed to
0 E7 U. e; b% z; oacquire control of the MacKay and Dover oil sands projects.
+ I) K) Q1 k4 ?& \+ P Among other things, the Chinese concerns have agreed to capital
" K) C9 C2 G# F' q5 _4 f9 o$ Yexpenditures in excess of $250 million for developing the properties
: t8 {- J# k, _1 {+ S; z; `over the next three years.
+ z" X$ r( w! p, c2 P) z; @ They have also pledged to increase employment levels in Canada as
: M. [$ k# L2 i- ?5 Pthey develop the projects over the next three years and to maintain
% ~' S1 x j- C ]an Alberta head office for operating companies associated with the
]$ ]$ g, A9 ]projects for the next five years.
% M1 A; O) N% V0 L; V- y1 U (The Canadian Press) |
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