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OTTAWA - Ottawa has given its blessing to the sale of properties: }2 R* R; g W& M. k1 D- d
owned by Athabasca Oil Sands Corp. to a Chinese company.2 {% ~' F/ `7 B
Federal Industry Minister Tony Clement says he has reviewed the
- H7 J/ U9 j M7 X6 D1 ?/ adeal between Athabasca and PetroChina International Investment Co.
3 ^4 M1 M; l' L* U! vLtd. and finds its is likely to be of net benefit to Canada.' ^. e+ ?0 G1 T3 j2 Z! v9 s/ x. o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& k6 j# M* G9 f$ l- C) d
made a number of significant commitments should they be allowed to
8 e4 }! X7 V# `% hacquire control of the MacKay and Dover oil sands projects.
' K9 ^; R2 W' l1 I" S' m9 u Among other things, the Chinese concerns have agreed to capital
! K, I, a1 n/ x) \( rexpenditures in excess of $250 million for developing the properties2 R6 |. j4 U* ]" f
over the next three years.# p% ], G/ N# y, _
They have also pledged to increase employment levels in Canada as1 x6 m, G+ l) E& Z
they develop the projects over the next three years and to maintain1 m7 c+ P2 Y+ J) K7 d
an Alberta head office for operating companies associated with the
6 U: H6 q" p9 [/ sprojects for the next five years./ y4 y/ O% P( _1 J& \
(The Canadian Press) |
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