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OTTAWA - Ottawa has given its blessing to the sale of properties) \2 S) C% l, \7 v; w
owned by Athabasca Oil Sands Corp. to a Chinese company.3 D3 X: u9 M3 I: h- C
Federal Industry Minister Tony Clement says he has reviewed the, |9 a- i8 C! E" N7 l& _ ~
deal between Athabasca and PetroChina International Investment Co., d6 E4 x$ {' Y" ?% H2 {! W
Ltd. and finds its is likely to be of net benefit to Canada.
7 N+ x) m4 |- d; @( x# f6 y Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: p L/ B" _( n& e. Zmade a number of significant commitments should they be allowed to
8 w j3 {- a3 b* ?/ `8 O! Xacquire control of the MacKay and Dover oil sands projects.
0 t& \; ^$ `8 M8 z* E Among other things, the Chinese concerns have agreed to capital) \1 D# Z$ h( }8 ]" U
expenditures in excess of $250 million for developing the properties {! D3 v7 b: j& O8 e9 s* D
over the next three years.7 K: d3 h& t! `
They have also pledged to increase employment levels in Canada as
6 E8 h5 S% p' Othey develop the projects over the next three years and to maintain
* w7 }/ p% j+ l9 ~; ^7 aan Alberta head office for operating companies associated with the& ~/ ^- T) g% k5 |+ H. l" a/ ~
projects for the next five years.
7 f. z3 }- z3 t( ` (The Canadian Press) |
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