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OTTAWA - Ottawa has given its blessing to the sale of properties, I+ T: [; W1 H$ {- v, o. P
owned by Athabasca Oil Sands Corp. to a Chinese company.
3 Q* N/ A: N. U2 t) c& F1 \6 @ Federal Industry Minister Tony Clement says he has reviewed the8 ]# f8 E5 u0 \( i7 j' Z
deal between Athabasca and PetroChina International Investment Co., ~# }+ P z0 a9 j5 u
Ltd. and finds its is likely to be of net benefit to Canada.; D# |0 p/ F6 D3 [7 i& S% S8 @
Clement says PetroChina and its parent, PetroChina Co. Ltd., have! _/ q# F- {/ h4 M
made a number of significant commitments should they be allowed to
( {4 V' w; X, Q4 V( Nacquire control of the MacKay and Dover oil sands projects., G7 y7 a7 `" q# p1 ^3 i; {# L
Among other things, the Chinese concerns have agreed to capital
4 N! e1 s& H2 [expenditures in excess of $250 million for developing the properties
7 {; M! V' K/ c9 R( v3 e5 N& t4 \. wover the next three years.
, s6 O. Y* q0 N$ g* Q; J5 P They have also pledged to increase employment levels in Canada as
* E& m$ L- z0 r/ @$ I* j% P4 kthey develop the projects over the next three years and to maintain0 U7 [5 z; y" C
an Alberta head office for operating companies associated with the9 E2 ~0 ?0 v: |+ [8 s: w& {. t
projects for the next five years.. |, j) B2 }: j y2 A c
(The Canadian Press) |
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