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OTTAWA - Ottawa has given its blessing to the sale of properties
' p$ y/ s+ R# @9 Wowned by Athabasca Oil Sands Corp. to a Chinese company.
0 M! x0 y* p7 B Federal Industry Minister Tony Clement says he has reviewed the
( A3 m) j2 q" @# zdeal between Athabasca and PetroChina International Investment Co.9 e9 F% B& r6 z1 o
Ltd. and finds its is likely to be of net benefit to Canada.7 `: Q8 ]- D' j6 c" V; L. O; z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
" x* U; A- ?6 g: Q6 U) K2 ?made a number of significant commitments should they be allowed to
5 N. z. e y' sacquire control of the MacKay and Dover oil sands projects.
$ R5 w; H3 |1 ~7 x! j Among other things, the Chinese concerns have agreed to capital
7 z6 k& l& J6 o4 B' [( rexpenditures in excess of $250 million for developing the properties
/ ~. D4 f& {. y: lover the next three years.
5 A8 [0 [* F" f, V- B8 ^0 g4 n They have also pledged to increase employment levels in Canada as
2 r. l$ x9 u$ Q+ o Tthey develop the projects over the next three years and to maintain
F9 Y# [7 X$ Aan Alberta head office for operating companies associated with the
; T5 N3 q9 w1 X" Mprojects for the next five years.
- k* N, A8 _- }% g8 u5 Q (The Canadian Press) |
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