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OTTAWA - Ottawa has given its blessing to the sale of properties1 n+ k; v& x+ v/ w" K8 a- K: |! a
owned by Athabasca Oil Sands Corp. to a Chinese company.* X9 T# h. A K% \9 d
Federal Industry Minister Tony Clement says he has reviewed the {- }$ D, _4 y9 D" l
deal between Athabasca and PetroChina International Investment Co.. z& g5 s5 \; {: i" |! p# k
Ltd. and finds its is likely to be of net benefit to Canada.9 j7 N, e& G" o; e" X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
~% D, p: W& s5 y5 ^2 kmade a number of significant commitments should they be allowed to8 E, z8 Y6 b$ F; l4 H. Y
acquire control of the MacKay and Dover oil sands projects.
% `7 b5 ?) U9 l. w$ \9 O$ W! d Among other things, the Chinese concerns have agreed to capital# Y: |3 {: P7 A* l
expenditures in excess of $250 million for developing the properties
& j7 H6 w' H$ T! u& \over the next three years.( K3 a+ g* @ K" s3 T) L& C3 c
They have also pledged to increase employment levels in Canada as, w7 J+ t4 d( L
they develop the projects over the next three years and to maintain
: x3 T5 j4 }% S7 U/ han Alberta head office for operating companies associated with the$ k1 u: R+ @8 X; }/ p* Q7 }& Y6 y! d! y
projects for the next five years.4 C) |& s. [' W0 j
(The Canadian Press) |
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