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OTTAWA - Ottawa has given its blessing to the sale of properties8 Q# K3 a F7 t4 ]' u) n5 d
owned by Athabasca Oil Sands Corp. to a Chinese company.& M2 F4 a; G* g- S# ]+ k; d5 p" @
Federal Industry Minister Tony Clement says he has reviewed the" Z# y% d# u+ w5 D
deal between Athabasca and PetroChina International Investment Co.
$ E8 v. j, s: V @4 jLtd. and finds its is likely to be of net benefit to Canada.) f- } d# S9 C: Z+ M& i6 x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 h' C' r" j$ f" E# ?' T
made a number of significant commitments should they be allowed to/ _2 M9 v" X: N8 e
acquire control of the MacKay and Dover oil sands projects.
% N* G- u" ?' D/ b Among other things, the Chinese concerns have agreed to capital
# F& X. V: ^; z1 ?2 Z2 vexpenditures in excess of $250 million for developing the properties
7 h6 [' b( @7 L, P- Z4 g( ?over the next three years.. t' b0 P2 ^) w# x. h) e3 p' }. }4 ?8 b
They have also pledged to increase employment levels in Canada as9 p& U. @: G. Z0 v% V
they develop the projects over the next three years and to maintain
6 I7 ^1 Z( r5 }; g! Q3 T5 Lan Alberta head office for operating companies associated with the
! m# ]# d0 E0 j( Aprojects for the next five years.
* s1 ^% T7 t" _$ ~/ S, j (The Canadian Press) |
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