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OTTAWA - Ottawa has given its blessing to the sale of properties
7 U7 ?5 a1 a* Q# Rowned by Athabasca Oil Sands Corp. to a Chinese company.2 l6 t0 Q: k- e9 c+ U0 L
Federal Industry Minister Tony Clement says he has reviewed the
, J7 E G! `3 G+ m' h) Fdeal between Athabasca and PetroChina International Investment Co.0 {# t s% r; u* `! A9 ?
Ltd. and finds its is likely to be of net benefit to Canada.
. u0 \1 Y0 S4 D7 B, s Clement says PetroChina and its parent, PetroChina Co. Ltd., have# H5 j# E5 d6 E B: P- c Y- r
made a number of significant commitments should they be allowed to/ R4 ]; [4 | {9 ?2 ^# O$ Z
acquire control of the MacKay and Dover oil sands projects.
5 i# H7 m1 E. P: q0 h& V' B- M- c Among other things, the Chinese concerns have agreed to capital* w* H! c$ c2 D6 {& G4 m$ \3 U! e
expenditures in excess of $250 million for developing the properties' x3 O; l* N5 l9 O1 B% Y
over the next three years.
% W( x- _' R! f+ F0 K& k, q They have also pledged to increase employment levels in Canada as% L j! F5 [; ^1 E& Y
they develop the projects over the next three years and to maintain
5 P! r. W% M }0 w5 p! zan Alberta head office for operating companies associated with the
8 X: {7 I) {$ X" E* _& Zprojects for the next five years.
' `* ~' |9 _- c& X! A" \ (The Canadian Press) |
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