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OTTAWA - Ottawa has given its blessing to the sale of properties
# p d3 u4 E: d+ Howned by Athabasca Oil Sands Corp. to a Chinese company.' {; {9 m5 A: Y7 K) o0 |, C
Federal Industry Minister Tony Clement says he has reviewed the) w9 A7 d @3 E9 `
deal between Athabasca and PetroChina International Investment Co., d; V/ ], c+ A0 {
Ltd. and finds its is likely to be of net benefit to Canada.. q* u: X7 F6 O7 q6 z M4 W
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 a0 t) ~& t% U& H2 `made a number of significant commitments should they be allowed to, |. ~3 U! y# }
acquire control of the MacKay and Dover oil sands projects.. r5 y7 Q/ H% o, Q+ m
Among other things, the Chinese concerns have agreed to capital7 w( i) L3 q9 Y; W; E- l1 w$ r8 `
expenditures in excess of $250 million for developing the properties
/ Y& L7 _( Z; gover the next three years.1 y/ z! c: H+ V0 [5 t( [
They have also pledged to increase employment levels in Canada as0 S2 v! r2 }- Z! y5 o6 Y
they develop the projects over the next three years and to maintain4 w2 i4 ?: R& X' {& H) e
an Alberta head office for operating companies associated with the$ v8 X9 q8 y5 v7 e8 G$ b& Q$ A8 D0 R
projects for the next five years.* L7 R( R {# e" x, y) d; g6 {+ G, }* T
(The Canadian Press) |
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