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OTTAWA - Ottawa has given its blessing to the sale of properties
' G) E- @6 n% t! D7 X6 fowned by Athabasca Oil Sands Corp. to a Chinese company.
" c9 m1 H" I' V: I/ S3 F' l Federal Industry Minister Tony Clement says he has reviewed the
. e1 S3 Q: T7 l5 N: Q' _/ Wdeal between Athabasca and PetroChina International Investment Co.
1 x1 l( V# m& YLtd. and finds its is likely to be of net benefit to Canada.
- s, j+ l+ K5 ^( Y9 J Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* X1 Z8 i! f, Imade a number of significant commitments should they be allowed to
' m# a S$ @7 K4 O9 eacquire control of the MacKay and Dover oil sands projects./ ~& t0 f4 J) J# s; G
Among other things, the Chinese concerns have agreed to capital
+ [% Y. N Q0 M4 J$ Yexpenditures in excess of $250 million for developing the properties
7 G; {. a8 q/ Pover the next three years.4 i0 I m- V% e7 h
They have also pledged to increase employment levels in Canada as
1 O, ]) x: A5 i4 |2 a [' ^they develop the projects over the next three years and to maintain
: u- R; m/ T4 S- b) T; w' tan Alberta head office for operating companies associated with the
/ X/ g6 z7 g6 R$ K. ~, {projects for the next five years.- B, B9 a5 H _( n
(The Canadian Press) |
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