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OTTAWA - Ottawa has given its blessing to the sale of properties) G2 i, h3 y9 z0 A8 F
owned by Athabasca Oil Sands Corp. to a Chinese company.+ ]5 `2 |" I3 f6 ^3 F8 [0 E/ p
Federal Industry Minister Tony Clement says he has reviewed the
7 I, F* l2 Y; V/ i" udeal between Athabasca and PetroChina International Investment Co. v, t! X- @# ?4 _
Ltd. and finds its is likely to be of net benefit to Canada.
8 g% F8 g$ u ^0 N9 [5 ? Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. a+ V# c' s/ C5 umade a number of significant commitments should they be allowed to4 i$ B0 R, a, }" D, D! M: u
acquire control of the MacKay and Dover oil sands projects.
2 s$ f: {" M6 b1 d! h Among other things, the Chinese concerns have agreed to capital1 c, D$ k$ f, n1 @& W. l: I0 {
expenditures in excess of $250 million for developing the properties
1 E2 d3 s+ X# Oover the next three years.3 H, i) C! T n7 Y
They have also pledged to increase employment levels in Canada as
9 ~% K( i$ X& Ethey develop the projects over the next three years and to maintain$ N# l1 T0 U% A
an Alberta head office for operating companies associated with the
2 D4 O! a1 S) T1 Hprojects for the next five years.
# }$ z* ~0 F' r. z) ~8 t# O5 J, T* @6 ] (The Canadian Press) |
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