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OTTAWA - Ottawa has given its blessing to the sale of properties
2 Q+ S% v8 ~; x. a4 S5 @. W/ Yowned by Athabasca Oil Sands Corp. to a Chinese company.0 Z; [/ A* X0 ~$ Y
Federal Industry Minister Tony Clement says he has reviewed the
% T1 P8 O- j. i' C3 K4 j1 _5 gdeal between Athabasca and PetroChina International Investment Co.( f1 g* T% b( V/ K T p2 E
Ltd. and finds its is likely to be of net benefit to Canada.1 A# s& Z6 N% \! e6 {7 ~
Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 D2 u, s- j! |/ @. d- d
made a number of significant commitments should they be allowed to
; F: k* b0 E3 ^! {acquire control of the MacKay and Dover oil sands projects.
1 O2 O, K( q$ A( B: ~2 T0 s Among other things, the Chinese concerns have agreed to capital* w: e% U: t+ v& a& p
expenditures in excess of $250 million for developing the properties
6 F2 N0 }7 A( i% Tover the next three years.. e( B1 X5 h" n6 v i( [9 r& {
They have also pledged to increase employment levels in Canada as9 L+ ]& }6 |( E, Z1 N1 u; e1 H
they develop the projects over the next three years and to maintain" a) L% x: z. T- A( m: z
an Alberta head office for operating companies associated with the
# P N% \% f7 n2 k" x$ ~ Pprojects for the next five years.3 O9 |* i( T- h! B# e- [
(The Canadian Press) |
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