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OTTAWA - Ottawa has given its blessing to the sale of properties6 H" I# N- J8 ^+ u9 ` S4 B! J8 z
owned by Athabasca Oil Sands Corp. to a Chinese company.
0 c. l: U" @# p% ` Federal Industry Minister Tony Clement says he has reviewed the
: p4 m8 D% L# V5 N6 n5 kdeal between Athabasca and PetroChina International Investment Co.2 |! w" J3 @% |: G* \2 ~# ~
Ltd. and finds its is likely to be of net benefit to Canada.
3 ^/ ~8 T, E! P* j Clement says PetroChina and its parent, PetroChina Co. Ltd., have
V! I3 p9 Q4 F1 S3 _, e, Mmade a number of significant commitments should they be allowed to
1 j1 n$ m% N X s! S. ]acquire control of the MacKay and Dover oil sands projects.
- f, P E% i' F; B Among other things, the Chinese concerns have agreed to capital
3 D8 d0 d( o* O. d. \, Texpenditures in excess of $250 million for developing the properties
2 L6 E# w S6 r4 F) bover the next three years.6 X# w: S0 S/ B' V
They have also pledged to increase employment levels in Canada as+ r/ H: \0 \/ ~9 d3 l& R8 t! e
they develop the projects over the next three years and to maintain# R- {: o3 L8 P. z% Y' \% C
an Alberta head office for operating companies associated with the/ H. l" u2 G, k: ^
projects for the next five years.5 R9 @; W# b) e! W) _ W
(The Canadian Press) |
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