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OTTAWA - Ottawa has given its blessing to the sale of properties, G$ |( X0 g& P {, |: e+ I- B1 H
owned by Athabasca Oil Sands Corp. to a Chinese company.
+ J7 R' \9 k/ `; D5 @" O Federal Industry Minister Tony Clement says he has reviewed the
4 A: M* E- w; z \: tdeal between Athabasca and PetroChina International Investment Co.
% D8 R, l% x E# QLtd. and finds its is likely to be of net benefit to Canada.
3 B/ H( p* n, {8 C Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 C: {8 c+ M. K/ rmade a number of significant commitments should they be allowed to- r4 K& }: y' ]) ^6 k3 c
acquire control of the MacKay and Dover oil sands projects.
# B) K% t2 q% e. }1 p Among other things, the Chinese concerns have agreed to capital
0 f5 I0 @- k- |. Yexpenditures in excess of $250 million for developing the properties
n' n; h- ~/ w: t& dover the next three years.
5 L& J" ]- X" ]& O& {$ F: | They have also pledged to increase employment levels in Canada as
$ j' q2 Y8 T0 N& c5 s" B0 @/ zthey develop the projects over the next three years and to maintain
+ g( w1 s% n7 ~an Alberta head office for operating companies associated with the
7 ^% C, h! K! _, B" N+ @) xprojects for the next five years.& O3 Q; j5 A" F7 e/ i
(The Canadian Press) |
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