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OTTAWA - Ottawa has given its blessing to the sale of properties) q- Z0 R, s3 i$ j! z- K- X8 u- ^
owned by Athabasca Oil Sands Corp. to a Chinese company.3 M, k. X, J7 b
Federal Industry Minister Tony Clement says he has reviewed the8 M3 Q: |9 r6 ?" i( u, V
deal between Athabasca and PetroChina International Investment Co.
& o& ?) @) g% P8 V; ALtd. and finds its is likely to be of net benefit to Canada.
. ^* M1 |( G5 N0 C8 `2 ~ Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ C" @, a/ \2 b
made a number of significant commitments should they be allowed to
+ @/ B: N, J. `' F% I* @- `; M, Racquire control of the MacKay and Dover oil sands projects.
' W/ T3 \6 a! c( }- b0 Y6 [ Among other things, the Chinese concerns have agreed to capital& |9 a1 K1 \" k4 i: I- j7 ^
expenditures in excess of $250 million for developing the properties& ?. }- Q6 z/ S) r# i& n1 U
over the next three years.* H, N4 o9 M4 y, z
They have also pledged to increase employment levels in Canada as
( s5 t- t6 ]# l- f" C: J7 X$ athey develop the projects over the next three years and to maintain) m5 s; o, j' m$ ^" z$ |( m$ r
an Alberta head office for operating companies associated with the
* V& P/ o9 y$ t+ h9 e+ u1 Fprojects for the next five years.5 K3 K# X% I' D* @; m
(The Canadian Press) |
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