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OTTAWA - Ottawa has given its blessing to the sale of properties
/ @+ ]+ O& R4 a+ D3 ]owned by Athabasca Oil Sands Corp. to a Chinese company.
, k! N4 Q! O8 h b/ v: x, @ Federal Industry Minister Tony Clement says he has reviewed the
) p7 I3 @' Z. K0 q0 F) I3 g. R- k+ y2 Pdeal between Athabasca and PetroChina International Investment Co.
/ \: S+ q& A3 ~8 B. M* }Ltd. and finds its is likely to be of net benefit to Canada.
% d& R2 W) ^" e9 r Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. c' D8 r: W2 S/ Omade a number of significant commitments should they be allowed to
# q1 m2 S# v* ^1 A8 O9 nacquire control of the MacKay and Dover oil sands projects.
/ O# z' d4 _3 E+ c4 a% b$ J Among other things, the Chinese concerns have agreed to capital% x' v7 ], A# r3 C: j
expenditures in excess of $250 million for developing the properties/ y1 h" p5 L& R2 {
over the next three years.& y4 {$ d/ M- ]
They have also pledged to increase employment levels in Canada as
( e- ?: F6 y+ I8 g6 Mthey develop the projects over the next three years and to maintain
/ q5 m$ p3 O0 V! D" |an Alberta head office for operating companies associated with the3 J) D; x; J3 \. U, k4 E: h0 ?
projects for the next five years.
6 S$ F1 z, ^1 ^0 [+ f (The Canadian Press) |
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