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OTTAWA - Ottawa has given its blessing to the sale of properties. ~/ E' _7 {5 w4 k7 G4 n% m+ ?/ r
owned by Athabasca Oil Sands Corp. to a Chinese company.
. ]: d- {6 g* A7 O$ f; @ Federal Industry Minister Tony Clement says he has reviewed the, q; M* i8 i/ w
deal between Athabasca and PetroChina International Investment Co.
5 n: `' Q4 P- {7 n, `5 u' QLtd. and finds its is likely to be of net benefit to Canada.8 J( B' {2 o/ j( F' X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 ^3 }+ H- [& i+ v! G: ?3 s. o7 y
made a number of significant commitments should they be allowed to
: p* n1 M- j' t6 ~3 W2 @, e* Sacquire control of the MacKay and Dover oil sands projects./ D/ k& n- p `% |* k
Among other things, the Chinese concerns have agreed to capital
, ?; x# s$ c2 P, F. b# }* |/ ]expenditures in excess of $250 million for developing the properties) u6 T" V; g8 A3 I( t
over the next three years./ w: [; b5 ?% A' {' ?5 ]
They have also pledged to increase employment levels in Canada as
) o) G" ` b6 [- Lthey develop the projects over the next three years and to maintain
- W* E' {# {4 {6 J, z( S( I8 Lan Alberta head office for operating companies associated with the
- A( M6 K4 j, P& |projects for the next five years.
3 [* q, c6 E' H# y/ M/ d (The Canadian Press) |
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