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OTTAWA - Ottawa has given its blessing to the sale of properties
0 m5 t( ^1 q3 U" M5 oowned by Athabasca Oil Sands Corp. to a Chinese company.
- s" p3 L' [/ B' z2 Q, x) }, Y Federal Industry Minister Tony Clement says he has reviewed the
: n6 L0 X& K. F! b& x5 Edeal between Athabasca and PetroChina International Investment Co.
' z: ~ K0 Y) t! KLtd. and finds its is likely to be of net benefit to Canada.7 U* O; W1 ]* f( T
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: Q% c2 B- h% F9 f
made a number of significant commitments should they be allowed to
: s9 u+ }3 L' ~4 aacquire control of the MacKay and Dover oil sands projects.
( |/ u6 j: P4 |# |8 q Among other things, the Chinese concerns have agreed to capital
8 Z' Y0 c/ k# O1 Fexpenditures in excess of $250 million for developing the properties
2 J6 G# n, s- |3 k. u: yover the next three years.
- J V8 @: x8 |1 g9 q. P They have also pledged to increase employment levels in Canada as
: k& T1 U. j- a- V* x' }they develop the projects over the next three years and to maintain
" j, C/ H6 {3 e; oan Alberta head office for operating companies associated with the
. l8 t1 h) b W/ Iprojects for the next five years.9 L& z1 X; c4 N; d
(The Canadian Press) |
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