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OTTAWA - Ottawa has given its blessing to the sale of properties
! t& k G0 D l- D1 Cowned by Athabasca Oil Sands Corp. to a Chinese company.7 j- h) U) o- Q, h( i
Federal Industry Minister Tony Clement says he has reviewed the
& d9 n9 P& ^' R+ y7 W: |deal between Athabasca and PetroChina International Investment Co.
- P# t1 a& S6 ~& F5 C" }% wLtd. and finds its is likely to be of net benefit to Canada.# l. p$ l& _+ F6 L' y, i
Clement says PetroChina and its parent, PetroChina Co. Ltd., have- R! F1 F% |$ h
made a number of significant commitments should they be allowed to" n' R( E0 d' f( M4 K
acquire control of the MacKay and Dover oil sands projects.
- I% W+ k+ b( D Among other things, the Chinese concerns have agreed to capital
& J* P0 o x5 |: e9 A) rexpenditures in excess of $250 million for developing the properties
8 l1 T( H J+ }' f/ S1 o& zover the next three years.
+ z- m0 V+ _$ c3 S3 z They have also pledged to increase employment levels in Canada as
. S$ `9 D& o) Athey develop the projects over the next three years and to maintain
+ y4 l/ u: p. k- ran Alberta head office for operating companies associated with the
* l8 l% p. s3 V/ B @. `# S, Yprojects for the next five years.
9 h1 j# d( H2 P, y2 Z% X (The Canadian Press) |
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