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OTTAWA - Ottawa has given its blessing to the sale of properties# P ^/ E7 g1 y" u1 z
owned by Athabasca Oil Sands Corp. to a Chinese company.
' Z) d9 P6 ^+ w Federal Industry Minister Tony Clement says he has reviewed the1 P* m8 j7 i$ g; _& o1 E# h
deal between Athabasca and PetroChina International Investment Co.
3 }( S1 |. g( g; B( iLtd. and finds its is likely to be of net benefit to Canada.
G2 v) R3 B5 ^0 h' B2 J" [ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ N! a3 j2 i" Z) c6 |& h V, n7 Umade a number of significant commitments should they be allowed to ?2 P' L0 r I" R% e
acquire control of the MacKay and Dover oil sands projects.' ]0 z+ x6 E& a* n1 R
Among other things, the Chinese concerns have agreed to capital2 q& x! c& Y/ `) Q/ X( x c
expenditures in excess of $250 million for developing the properties% l1 ]( v B0 R# i4 c
over the next three years." k8 D, a1 H3 R A% A% Z( `9 L5 o
They have also pledged to increase employment levels in Canada as
. |3 |! B* D; s" g* V! W+ mthey develop the projects over the next three years and to maintain
4 t2 q7 w% \ C! a7 dan Alberta head office for operating companies associated with the
* {3 c7 |8 D, `( a+ g" aprojects for the next five years.
2 |0 j8 m2 O5 ~& c' u' r (The Canadian Press) |
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