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OTTAWA - Ottawa has given its blessing to the sale of properties
* N; |2 h+ X5 Y* l% Vowned by Athabasca Oil Sands Corp. to a Chinese company.
. X+ a8 g2 `# _ Federal Industry Minister Tony Clement says he has reviewed the+ b" K R& w) Y' f1 L8 [
deal between Athabasca and PetroChina International Investment Co.3 D3 R3 K3 y. v, G! c2 u3 d$ C
Ltd. and finds its is likely to be of net benefit to Canada.
" S0 m& M2 \4 I! D9 g, ^ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% P# D# d: `5 u! E7 _made a number of significant commitments should they be allowed to
' |$ s. w' [' |# a7 Wacquire control of the MacKay and Dover oil sands projects.
9 y q# E' K# \9 H6 u4 _ Among other things, the Chinese concerns have agreed to capital
0 Q4 W4 H+ |. yexpenditures in excess of $250 million for developing the properties, q2 J. n0 g4 N ?
over the next three years.# A5 I0 ]% @ o+ Y* ^
They have also pledged to increase employment levels in Canada as
' c1 n: e* r$ D8 R: othey develop the projects over the next three years and to maintain
" ~/ w/ v1 X. C6 M+ s) l ran Alberta head office for operating companies associated with the
9 {6 y1 m' a' g& @projects for the next five years.% k- U6 u$ ?: B5 C5 ^
(The Canadian Press) |
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