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OTTAWA - Ottawa has given its blessing to the sale of properties c$ L) \! C, V' N: b- G; _
owned by Athabasca Oil Sands Corp. to a Chinese company.
# _1 L M$ R7 O" T- K7 e' l4 M Federal Industry Minister Tony Clement says he has reviewed the
5 c b: r+ _5 @% U: O) W( ~ Ydeal between Athabasca and PetroChina International Investment Co.# K6 ]. T" B& n; m' j( k
Ltd. and finds its is likely to be of net benefit to Canada.
2 ^1 t+ V2 e: x R- P7 Q Clement says PetroChina and its parent, PetroChina Co. Ltd., have- {/ | b( p/ i6 `
made a number of significant commitments should they be allowed to. h7 g; ~) _; U( J1 P" c
acquire control of the MacKay and Dover oil sands projects.0 _* ?2 a& Y* h5 d. B' J
Among other things, the Chinese concerns have agreed to capital
% f3 M1 |; X' t( {7 Dexpenditures in excess of $250 million for developing the properties
/ H `+ l) y: a4 S& w0 Iover the next three years.) p* H+ E$ I p! w8 n& Q
They have also pledged to increase employment levels in Canada as' J1 X; Z* O* R
they develop the projects over the next three years and to maintain
0 V- C2 }8 ^8 f; Q+ l# Pan Alberta head office for operating companies associated with the! g8 x+ }" o+ x# @0 |7 w
projects for the next five years.6 l _7 _2 S0 D7 y' L: b, I% j
(The Canadian Press) |
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