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OTTAWA - Ottawa has given its blessing to the sale of properties; @2 x6 D5 H9 F1 v- ]
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 U* P' ~$ Y0 b) J Federal Industry Minister Tony Clement says he has reviewed the
4 ]7 }/ w2 k- {3 x) |deal between Athabasca and PetroChina International Investment Co.3 h) E: D: B5 S7 L4 ^
Ltd. and finds its is likely to be of net benefit to Canada.& K3 f7 T/ z: c2 K
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' |# O1 P" p9 w
made a number of significant commitments should they be allowed to7 \, _: P. S0 H9 V
acquire control of the MacKay and Dover oil sands projects.
9 d$ X. v' O" _ Among other things, the Chinese concerns have agreed to capital
2 \/ p) W# {0 M9 Yexpenditures in excess of $250 million for developing the properties( C& a* t2 R: E4 N
over the next three years.) w3 O" h' c6 ^, X; B
They have also pledged to increase employment levels in Canada as, v( G8 ^5 c a' K
they develop the projects over the next three years and to maintain% z! p" l+ h6 O- ^8 X' u) g6 b
an Alberta head office for operating companies associated with the
' n, \* |! r+ _# N2 ?projects for the next five years.( j0 k* e3 |) p( a2 `% C+ @
(The Canadian Press) |
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