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OTTAWA - Ottawa has given its blessing to the sale of properties
/ T7 P, u1 ?0 k, mowned by Athabasca Oil Sands Corp. to a Chinese company.
' [ x s7 r B$ Z9 M7 J Federal Industry Minister Tony Clement says he has reviewed the
4 h3 |. C, @5 r. s# ^deal between Athabasca and PetroChina International Investment Co.
/ o3 g. t3 a( W* TLtd. and finds its is likely to be of net benefit to Canada.4 @( n0 D3 n S0 ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) ?6 b7 b7 j7 G U8 t9 W
made a number of significant commitments should they be allowed to i2 z! |6 ?: F+ w& \
acquire control of the MacKay and Dover oil sands projects.
& C6 Z) [: d! L( A$ _! {6 X+ |4 S! e Among other things, the Chinese concerns have agreed to capital/ M# a: O! M, X( P. X% B
expenditures in excess of $250 million for developing the properties) v0 Z: Y# P" a
over the next three years.0 e5 L" k: N% `1 _
They have also pledged to increase employment levels in Canada as1 @" K! g! j3 M0 x, z( S
they develop the projects over the next three years and to maintain2 P5 a% ] ~& ^$ f" [1 N% h
an Alberta head office for operating companies associated with the
; o" y$ t: d) o& a# A1 fprojects for the next five years.6 A( e# x O8 @% L! Z/ c) L
(The Canadian Press) |
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