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OTTAWA - Ottawa has given its blessing to the sale of properties8 I: B8 z+ W( [5 U
owned by Athabasca Oil Sands Corp. to a Chinese company.% [1 d! Q+ c! e
Federal Industry Minister Tony Clement says he has reviewed the
# U9 L; {+ O' t' Ndeal between Athabasca and PetroChina International Investment Co.
- p; C W. N' \8 `Ltd. and finds its is likely to be of net benefit to Canada.; Z; q, H' d- H7 r
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& Z2 L2 G, _3 l; s, umade a number of significant commitments should they be allowed to
( z/ v! K4 ^3 Z+ t0 n) w1 sacquire control of the MacKay and Dover oil sands projects.
- G0 d* s% c, A+ d+ K6 T Among other things, the Chinese concerns have agreed to capital
8 W1 f6 i1 H: }) q; V/ a" Dexpenditures in excess of $250 million for developing the properties
1 \: s, q4 K; O: E dover the next three years.
2 G4 A1 T1 _) l% k They have also pledged to increase employment levels in Canada as
$ ]3 \6 H# @! j4 M* m- ?% Zthey develop the projects over the next three years and to maintain
( I1 V3 h( A' x, Kan Alberta head office for operating companies associated with the0 F- ?5 `; w* J# c
projects for the next five years.: X- M1 M+ n0 h. _7 w; F
(The Canadian Press) |
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