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OTTAWA - Ottawa has given its blessing to the sale of properties
* a! S2 r" S$ sowned by Athabasca Oil Sands Corp. to a Chinese company.
$ A+ `& x+ V/ F/ |( W+ |0 q3 D Federal Industry Minister Tony Clement says he has reviewed the( h8 s `% a; E
deal between Athabasca and PetroChina International Investment Co.
( J1 Z, j5 W: ]+ F: pLtd. and finds its is likely to be of net benefit to Canada.! v3 [) o; k: t |4 T. Z4 r' V8 p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 h8 n2 ~$ d9 O) L" S5 rmade a number of significant commitments should they be allowed to1 u- i, k: i' h
acquire control of the MacKay and Dover oil sands projects.
4 m- ~/ E0 o { Among other things, the Chinese concerns have agreed to capital4 q: \6 E( U$ U/ i9 q- [4 B+ O
expenditures in excess of $250 million for developing the properties- ?& d; ]$ w6 Q0 J
over the next three years.' F! i5 L) V q/ s6 I- u" W$ M; _3 k5 ]
They have also pledged to increase employment levels in Canada as
8 f/ u7 G) R* G R8 lthey develop the projects over the next three years and to maintain
$ u. i$ Q7 \/ H5 [5 u* ^an Alberta head office for operating companies associated with the
7 N, G- i$ ` v! ]. E" q6 @projects for the next five years.* W$ ^0 f% j5 n, U
(The Canadian Press) |
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