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OTTAWA - Ottawa has given its blessing to the sale of properties
: ]5 u1 p4 s1 o4 ~3 towned by Athabasca Oil Sands Corp. to a Chinese company.0 s% }$ N: D' q& y4 ]
Federal Industry Minister Tony Clement says he has reviewed the& Y& j- O5 g8 `) ~0 W
deal between Athabasca and PetroChina International Investment Co.1 H4 W- v2 S1 V
Ltd. and finds its is likely to be of net benefit to Canada.
7 z. Q& y7 K5 R* `; M0 O | Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* ~3 G6 K# P. `- Rmade a number of significant commitments should they be allowed to
7 w/ V0 E; [* V l, Y7 racquire control of the MacKay and Dover oil sands projects.
4 M+ q0 T! e$ c' f Among other things, the Chinese concerns have agreed to capital
4 R( |7 M4 ]6 t" G. yexpenditures in excess of $250 million for developing the properties
# ^7 O: Z/ f, Y, ?$ A aover the next three years.
8 K7 o" \7 [8 O( x6 Z5 v/ L9 o They have also pledged to increase employment levels in Canada as! q* f. m1 a: l. ?7 i6 `- r4 |
they develop the projects over the next three years and to maintain
6 I" m2 B# }; Gan Alberta head office for operating companies associated with the4 x1 m! o& U9 Q
projects for the next five years.
7 A2 a; c: f' ?: K6 X (The Canadian Press) |
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