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OTTAWA - Ottawa has given its blessing to the sale of properties' b5 c8 l& Y% X: s
owned by Athabasca Oil Sands Corp. to a Chinese company.) D: W; ~# j. Y) G# n- d1 F7 y/ ?! H
Federal Industry Minister Tony Clement says he has reviewed the m) q' R _2 i
deal between Athabasca and PetroChina International Investment Co.( x+ a) T$ B4 |! H m8 s/ G
Ltd. and finds its is likely to be of net benefit to Canada.
. I9 K4 V/ a1 w9 K8 K Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( l2 N! D S; e9 dmade a number of significant commitments should they be allowed to6 k3 T* r6 I2 a+ b' ]8 K
acquire control of the MacKay and Dover oil sands projects.
" |, i& |" x1 D$ b/ C- N Among other things, the Chinese concerns have agreed to capital
4 m; v2 M2 N f1 ^- Mexpenditures in excess of $250 million for developing the properties
, ~3 D- v0 h9 N0 i/ P& ~4 ]2 Fover the next three years.
5 J$ t0 L; R0 `8 D: d u They have also pledged to increase employment levels in Canada as
7 n* v' [& v* ?they develop the projects over the next three years and to maintain
8 Y: w; z. A6 E1 D, \% tan Alberta head office for operating companies associated with the, {# I! [# t8 z
projects for the next five years.
# u; r5 m& K0 ~' F; u (The Canadian Press) |
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