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OTTAWA - Ottawa has given its blessing to the sale of properties
4 J/ g* d2 G8 U5 P9 Howned by Athabasca Oil Sands Corp. to a Chinese company.
: Y( Q) [# m9 x1 w$ h1 g6 Q7 x Federal Industry Minister Tony Clement says he has reviewed the) b1 l& `+ m$ \9 x
deal between Athabasca and PetroChina International Investment Co.9 r& C9 Z# i# \/ m8 K
Ltd. and finds its is likely to be of net benefit to Canada.: K* N5 e7 E$ a
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 [5 l" a" {/ b3 s8 ] B2 xmade a number of significant commitments should they be allowed to0 M4 j5 I) i5 `( o: A7 a, g3 f, `
acquire control of the MacKay and Dover oil sands projects.
8 |/ a h3 h/ `! H# ]2 |: [. { Among other things, the Chinese concerns have agreed to capital8 v" Z( a# s4 C# y
expenditures in excess of $250 million for developing the properties
! W E3 @6 w0 G9 R# W7 q% [4 y2 Oover the next three years.1 {" M& f O* T/ w& J j) |
They have also pledged to increase employment levels in Canada as
; e7 V! n$ B: ~) t" H Ithey develop the projects over the next three years and to maintain
1 {* L8 b* Q9 }an Alberta head office for operating companies associated with the
- y1 {$ i; E3 m: O& iprojects for the next five years.
8 C1 ?% X5 ^, M7 \, ]* q (The Canadian Press) |
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