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OTTAWA - Ottawa has given its blessing to the sale of properties$ M% e. A. t1 G
owned by Athabasca Oil Sands Corp. to a Chinese company.
~+ N" X* I8 d5 S# m# p/ e Federal Industry Minister Tony Clement says he has reviewed the+ h3 o% A* Q; @; Q& y. k
deal between Athabasca and PetroChina International Investment Co.
# A B( l" A+ ?5 C" r+ h! \Ltd. and finds its is likely to be of net benefit to Canada.% B, U0 p+ ^; P( ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" e3 m8 Q( _2 g* dmade a number of significant commitments should they be allowed to
+ S; [% j2 y7 Y& ~# M; T- ^acquire control of the MacKay and Dover oil sands projects." u- B: V7 c& u
Among other things, the Chinese concerns have agreed to capital, Y: Q7 M' M3 D' t P5 \2 q
expenditures in excess of $250 million for developing the properties1 |$ o9 w+ b7 ]( T" x. s
over the next three years.( t$ Q. M; e" ? X; N& A
They have also pledged to increase employment levels in Canada as1 k( G! X a% p0 f
they develop the projects over the next three years and to maintain
+ E. o! p9 R4 T5 E+ Y: K, Dan Alberta head office for operating companies associated with the
2 w) c3 `# r+ l; \3 ~$ ?5 G& Kprojects for the next five years.. b) v. O# f3 O/ N$ W
(The Canadian Press) |
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