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OTTAWA - Ottawa has given its blessing to the sale of properties
. g4 y7 k7 t4 L9 Rowned by Athabasca Oil Sands Corp. to a Chinese company.$ j3 H% U. ]6 C: \* d' g
Federal Industry Minister Tony Clement says he has reviewed the
8 M/ L1 U) E. c$ q) S8 N5 odeal between Athabasca and PetroChina International Investment Co., @3 z+ I1 T9 {! G5 }
Ltd. and finds its is likely to be of net benefit to Canada.
: T7 z( M- s2 q$ f4 ?4 f Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 V0 Y" l; t0 j5 W, a$ x
made a number of significant commitments should they be allowed to
$ q& H# k, f( d# I/ Gacquire control of the MacKay and Dover oil sands projects.
, h" n# x; N ], j6 a; P Among other things, the Chinese concerns have agreed to capital
' g( ~- r5 |7 w+ t$ k7 rexpenditures in excess of $250 million for developing the properties
+ M$ ~1 K# ^/ `$ N. n# H. I! I6 Uover the next three years.
! R5 P7 _* h; u% i! @ They have also pledged to increase employment levels in Canada as
8 D8 E. ~; {/ t1 n4 F8 D" i0 dthey develop the projects over the next three years and to maintain
; U0 ?# y9 M; Z: q0 b- u- j% K8 x* Man Alberta head office for operating companies associated with the
6 g8 S7 j; M0 B E, \/ @+ Cprojects for the next five years.7 E* e2 n( h+ {3 t9 g
(The Canadian Press) |
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