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OTTAWA - Ottawa has given its blessing to the sale of properties3 D' {* I B, v" e' u+ t! k R
owned by Athabasca Oil Sands Corp. to a Chinese company.2 T0 ~5 J2 c, \, n! g2 E/ z$ W4 v* j
Federal Industry Minister Tony Clement says he has reviewed the; ]# a7 s; a' W' W' C
deal between Athabasca and PetroChina International Investment Co.& D7 W) P% y- ^; d) f
Ltd. and finds its is likely to be of net benefit to Canada.8 K8 L# P6 c4 |1 e
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
& G, r, q p7 i2 _* vmade a number of significant commitments should they be allowed to
8 @; i; f" C2 q$ W# R6 K* c, zacquire control of the MacKay and Dover oil sands projects.; P3 g8 K; B \& {/ e
Among other things, the Chinese concerns have agreed to capital
, S9 X/ N! ?9 w4 M# a" hexpenditures in excess of $250 million for developing the properties5 I- \+ ?7 Z8 E0 R
over the next three years.7 |# F: T/ W, s% U1 x9 I! k
They have also pledged to increase employment levels in Canada as
+ u4 m9 b& z% |% C2 l; m/ e. r6 {they develop the projects over the next three years and to maintain
( n" @9 F5 t( G) e2 Ran Alberta head office for operating companies associated with the
$ e5 a6 T* z1 p* _0 {6 [projects for the next five years.6 V6 B R& o! ?$ D4 L' r5 L; u+ ^
(The Canadian Press) |
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