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OTTAWA - Ottawa has given its blessing to the sale of properties4 i$ ~' W1 \+ \# {0 _! f" w
owned by Athabasca Oil Sands Corp. to a Chinese company.+ l+ w: G% i& H* V
Federal Industry Minister Tony Clement says he has reviewed the
8 ] b) J# J/ K' S/ e. _deal between Athabasca and PetroChina International Investment Co.6 O& r, |& z5 i6 ~4 E5 Z
Ltd. and finds its is likely to be of net benefit to Canada.% o( t2 l0 L9 D+ X* Y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) E, `& U0 m+ [. l- _% ? t
made a number of significant commitments should they be allowed to3 f/ P( K1 e3 }! v5 P! s. J0 X; L
acquire control of the MacKay and Dover oil sands projects.+ }4 z" |7 }/ ? ]+ y/ A: e N4 `. E
Among other things, the Chinese concerns have agreed to capital4 d0 g/ v5 I7 b, ^7 i
expenditures in excess of $250 million for developing the properties
- u3 C$ P) ^9 l& i9 wover the next three years.
; f- x" y$ Q. u2 a They have also pledged to increase employment levels in Canada as
! b T% z" I: S2 S9 k; Lthey develop the projects over the next three years and to maintain8 D0 ~5 ?; Z; ^; t7 y7 Y7 A! g7 ?& T
an Alberta head office for operating companies associated with the2 p0 j/ P4 e; i1 \
projects for the next five years.( F4 }& V+ X9 ] c. E- Y
(The Canadian Press) |
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