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OTTAWA - Ottawa has given its blessing to the sale of properties8 i4 H" |- {9 z& W3 B1 x" M0 [& C
owned by Athabasca Oil Sands Corp. to a Chinese company.2 A! q5 t+ }5 _# A6 G
Federal Industry Minister Tony Clement says he has reviewed the- j, y7 {+ g# s. [8 g
deal between Athabasca and PetroChina International Investment Co.
6 b' H3 D5 y/ X; c1 a9 t; o a* v9 FLtd. and finds its is likely to be of net benefit to Canada.
, [4 x8 B: m! M7 r7 F4 t3 Z4 Z Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, Z0 J, H# X; Q; ]: W- hmade a number of significant commitments should they be allowed to/ T) G3 u7 _: L( B# V# ?
acquire control of the MacKay and Dover oil sands projects.6 K, B, S* f+ n# ] ]2 `9 N
Among other things, the Chinese concerns have agreed to capital. l" `' T% v6 t6 K! l
expenditures in excess of $250 million for developing the properties7 N r5 O- z* a+ U* J+ j: T& e
over the next three years./ n7 L( k) V- M- T% |0 J
They have also pledged to increase employment levels in Canada as
1 f6 K' ]$ M9 G# g9 Pthey develop the projects over the next three years and to maintain
+ t; G3 V& q/ m& a; q }( [an Alberta head office for operating companies associated with the
. G; ] U) Y1 [! Q( |, U. _3 Nprojects for the next five years.: J) ]. R, t0 _0 @* l
(The Canadian Press) |
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