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OTTAWA - Ottawa has given its blessing to the sale of properties f7 ^5 t( K2 p5 b
owned by Athabasca Oil Sands Corp. to a Chinese company.! |6 w7 a' I; }3 Z- Q' k% I9 C
Federal Industry Minister Tony Clement says he has reviewed the4 h8 p" }2 {9 g* C! C& S, `
deal between Athabasca and PetroChina International Investment Co.6 j% }. ? A" r6 K/ M3 B A/ C8 x, C
Ltd. and finds its is likely to be of net benefit to Canada.' o5 J) |9 @2 K2 N. x: p2 ~4 z8 e( A
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- A" `/ z; ]1 Dmade a number of significant commitments should they be allowed to. @/ x; o2 k+ J% o+ p6 V
acquire control of the MacKay and Dover oil sands projects.2 F! `; k* S1 A% B* J& L4 a5 v: w/ m0 E
Among other things, the Chinese concerns have agreed to capital
& s, F& M3 Z/ |" Z5 }; O7 M2 |# z+ Jexpenditures in excess of $250 million for developing the properties
3 _1 o$ J. y, K, iover the next three years.' \& r1 E( M5 n7 w; d
They have also pledged to increase employment levels in Canada as7 [; J4 w1 }$ H( c7 `3 X
they develop the projects over the next three years and to maintain& r# d- e" W$ g) C4 r
an Alberta head office for operating companies associated with the
& u: j: a# A" r! e6 x/ [projects for the next five years.- x# {: N, C1 w. L( L5 l
(The Canadian Press) |
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