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OTTAWA - Ottawa has given its blessing to the sale of properties
0 u B4 T3 i, u/ l, lowned by Athabasca Oil Sands Corp. to a Chinese company., U9 Q1 `( h! h
Federal Industry Minister Tony Clement says he has reviewed the6 i6 g8 q( r# y8 A0 L" t2 N9 G3 b
deal between Athabasca and PetroChina International Investment Co.
3 h1 y4 U, V) g1 ^+ O+ }* iLtd. and finds its is likely to be of net benefit to Canada.. E; d7 n$ a9 |- [
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* n' r( b, {; w& ?2 k/ x% Z0 v. H
made a number of significant commitments should they be allowed to
d$ ]( Q+ e0 P3 m: `9 r- ?, u3 Wacquire control of the MacKay and Dover oil sands projects.
$ h+ c" b$ S4 E, O Among other things, the Chinese concerns have agreed to capital, d8 K5 @4 ~! @
expenditures in excess of $250 million for developing the properties# S* t& |9 N% s9 f$ R0 n$ C
over the next three years.- n3 d/ G4 h5 t4 Y( |; x0 M
They have also pledged to increase employment levels in Canada as
. F) e( l5 C' n; cthey develop the projects over the next three years and to maintain+ i3 b( t. t. r# J' f3 O
an Alberta head office for operating companies associated with the
0 B0 c$ o5 u" x& R( U. a8 O2 A4 ]projects for the next five years.
6 ?% M7 A1 q. L8 L$ O: ]; Y (The Canadian Press) |
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