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OTTAWA - Ottawa has given its blessing to the sale of properties
2 k2 n$ d% v7 F7 a3 Y$ {" Powned by Athabasca Oil Sands Corp. to a Chinese company.6 x* B1 w! D7 _4 h8 d9 N9 B
Federal Industry Minister Tony Clement says he has reviewed the6 K$ J! |; c; @9 q d& u" ?
deal between Athabasca and PetroChina International Investment Co.% S Y% D- z" r& K6 x2 g
Ltd. and finds its is likely to be of net benefit to Canada.# w9 e" E6 p5 ~4 q7 }, G# F
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* O# `& B! Z+ {" r& k( F/ ~- ~
made a number of significant commitments should they be allowed to
8 m1 m! C1 ?- i9 I& lacquire control of the MacKay and Dover oil sands projects., Q9 s5 w; E6 ^+ {" ]4 G4 q
Among other things, the Chinese concerns have agreed to capital
. I: Q+ U8 \! j) B2 J9 Wexpenditures in excess of $250 million for developing the properties
4 D. K Z0 R! s5 N3 Kover the next three years.# X. J3 ]% A0 k
They have also pledged to increase employment levels in Canada as) x+ Q, y' I4 w9 }3 Q+ ^& l
they develop the projects over the next three years and to maintain# t. w3 k: H( p/ \9 q
an Alberta head office for operating companies associated with the
8 e U3 v9 i6 L2 V& `0 O% g' @projects for the next five years.4 C& P7 u& V% l6 J
(The Canadian Press) |
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