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OTTAWA - Ottawa has given its blessing to the sale of properties
; I" [ F' b* } V _owned by Athabasca Oil Sands Corp. to a Chinese company.
4 \5 m4 L6 T$ D, g8 B# G- j Federal Industry Minister Tony Clement says he has reviewed the% I. U8 e7 k; S0 {8 {
deal between Athabasca and PetroChina International Investment Co.4 M4 @& g" f2 G- Z ^( N
Ltd. and finds its is likely to be of net benefit to Canada.) B/ F8 _7 K1 w9 J5 P
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 ?* Q+ {3 A& X6 c! e! F0 fmade a number of significant commitments should they be allowed to
4 @6 J2 _8 g# k" macquire control of the MacKay and Dover oil sands projects.
( @% X( ], ~3 B; z2 m9 K# `- \% V, y Among other things, the Chinese concerns have agreed to capital* E% y# S5 O( k9 ? t$ A- M
expenditures in excess of $250 million for developing the properties
2 G/ D% q/ J& V5 C9 ]. q( V% Aover the next three years.
0 ~( ]* Q2 L) o) K3 R They have also pledged to increase employment levels in Canada as
2 }# d6 Y) B" n6 l7 Nthey develop the projects over the next three years and to maintain# K) S* ~: d0 E2 \5 L* k( Z! X$ K
an Alberta head office for operating companies associated with the
" ~$ G0 H, G0 Q) Z3 M2 D/ `" B* y) Rprojects for the next five years.% v& |- B5 D: N q% `; ^% D
(The Canadian Press) |
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