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OTTAWA - Ottawa has given its blessing to the sale of properties! t% x" c) x& A& t$ \' v
owned by Athabasca Oil Sands Corp. to a Chinese company.
1 Q8 U2 w+ Y1 V( A( ]) j) { Federal Industry Minister Tony Clement says he has reviewed the
( W$ ~4 y# j/ G3 Z zdeal between Athabasca and PetroChina International Investment Co.
, N3 x; b: Q3 s4 z7 n p+ {Ltd. and finds its is likely to be of net benefit to Canada.
8 K# i8 R" t/ } Clement says PetroChina and its parent, PetroChina Co. Ltd., have: Q1 B% c5 c8 o
made a number of significant commitments should they be allowed to2 t, }( A7 H5 z0 l" [; g" z% l2 L
acquire control of the MacKay and Dover oil sands projects.
. d( L" e' E$ t9 Q& r! n6 F8 N) u Among other things, the Chinese concerns have agreed to capital. h7 X* a# x# ]" O
expenditures in excess of $250 million for developing the properties( m8 M$ {/ p. I- C" P8 ?7 m$ d7 _
over the next three years.2 E& I9 g6 m [* n
They have also pledged to increase employment levels in Canada as, w9 E8 E) D) B' A1 _3 @
they develop the projects over the next three years and to maintain( Q/ i& f& W/ |. \, g
an Alberta head office for operating companies associated with the
4 S! u& `$ t% I1 S' Iprojects for the next five years.) O! Q; X# d" D1 C7 O$ z
(The Canadian Press) |
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