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OTTAWA - Ottawa has given its blessing to the sale of properties
; k0 r" q1 a& s. @+ Mowned by Athabasca Oil Sands Corp. to a Chinese company.
0 ?+ J- }, j5 r0 Z0 _8 q Federal Industry Minister Tony Clement says he has reviewed the, ?! P0 G6 G. N9 b# r7 ~
deal between Athabasca and PetroChina International Investment Co.7 V, e$ R, t% z8 |0 s8 P& d
Ltd. and finds its is likely to be of net benefit to Canada.5 H* H) B) c* I; S
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# G5 I. U- C* U& T+ omade a number of significant commitments should they be allowed to. @- j Z/ P0 m# r$ n
acquire control of the MacKay and Dover oil sands projects.* {; b$ f' b* c
Among other things, the Chinese concerns have agreed to capital' A r- H1 B2 t
expenditures in excess of $250 million for developing the properties9 ? U4 K) T* ^" Y, D' r* b) ?( T
over the next three years.0 {$ d9 V% I0 P
They have also pledged to increase employment levels in Canada as
$ v, [0 Z" y" P$ l& Dthey develop the projects over the next three years and to maintain
6 A8 r8 I. J5 ^2 I' G1 o0 l J, c! K9 [an Alberta head office for operating companies associated with the
! R& i/ S* x4 P; |, j: Hprojects for the next five years.
, v% L! ~( ?" r$ W! c) O (The Canadian Press) |
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