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OTTAWA - Ottawa has given its blessing to the sale of properties& A5 _% w' ?6 z& F5 _8 R+ P& O6 y
owned by Athabasca Oil Sands Corp. to a Chinese company.6 n% Z$ ^$ A9 y, N& N
Federal Industry Minister Tony Clement says he has reviewed the: a$ o2 }: v- `$ S/ ^9 i6 d) X
deal between Athabasca and PetroChina International Investment Co.1 k1 d9 X/ } y6 E ^( g+ y
Ltd. and finds its is likely to be of net benefit to Canada.$ e' T5 R/ g+ m* D c/ X/ y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* ~+ M8 y/ f, E7 j9 d* X9 x
made a number of significant commitments should they be allowed to* _, o& G" L- \9 X4 m
acquire control of the MacKay and Dover oil sands projects.& U3 R" q' a9 [/ U: @
Among other things, the Chinese concerns have agreed to capital4 ]% L1 f7 ]( f; l: s
expenditures in excess of $250 million for developing the properties2 d6 A7 N$ f' B8 s% U b
over the next three years.+ X5 H; w3 C8 R- ]2 t+ T% T
They have also pledged to increase employment levels in Canada as% s: z- q; q! \
they develop the projects over the next three years and to maintain
& ]! i7 @( Z! Man Alberta head office for operating companies associated with the8 r8 p t9 H1 D0 A2 `: `9 J, [6 _) f
projects for the next five years.
2 A' d; c* E# ~; h$ ~1 V (The Canadian Press) |
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