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OTTAWA - Ottawa has given its blessing to the sale of properties# x1 M+ Z/ Y+ L; `
owned by Athabasca Oil Sands Corp. to a Chinese company.; ^5 ?$ y" `6 l: E$ i0 A W
Federal Industry Minister Tony Clement says he has reviewed the9 I3 |4 v7 v, [/ x" Q4 i
deal between Athabasca and PetroChina International Investment Co.3 ~. i( [; n, u8 X( ^# `
Ltd. and finds its is likely to be of net benefit to Canada.
* r! w; @) Q3 [7 G+ q- ^ Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 M8 S" W: q6 b& w: K6 _
made a number of significant commitments should they be allowed to8 x0 M7 O( x T, m7 V
acquire control of the MacKay and Dover oil sands projects.7 \8 i* m: {4 G# o! W8 Z3 M
Among other things, the Chinese concerns have agreed to capital
$ w J/ |8 c2 Q- m) b8 D6 eexpenditures in excess of $250 million for developing the properties
, y# |7 k* U, D% yover the next three years.
1 l- x2 p4 }: S! v9 z' c6 x They have also pledged to increase employment levels in Canada as
# C S2 u6 b' V% i1 b# }6 e9 gthey develop the projects over the next three years and to maintain7 I, d3 S) \' t8 k+ [8 |. H8 {
an Alberta head office for operating companies associated with the1 q3 |* D- a, U- W
projects for the next five years.3 g1 G6 {- |9 D2 N- b
(The Canadian Press) |
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