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OTTAWA - Ottawa has given its blessing to the sale of properties( J# ?* S1 v9 ]8 V0 F8 i; K
owned by Athabasca Oil Sands Corp. to a Chinese company.7 c' b( C1 @# O
Federal Industry Minister Tony Clement says he has reviewed the
7 d3 Q( U8 X+ I, V+ @3 w4 Q/ \deal between Athabasca and PetroChina International Investment Co.% `1 Q, b3 S& Z
Ltd. and finds its is likely to be of net benefit to Canada. V3 d1 }$ ] m, ` F
Clement says PetroChina and its parent, PetroChina Co. Ltd., have I D+ H. o5 s' }# l
made a number of significant commitments should they be allowed to
( T) d6 d9 M3 c' a+ Yacquire control of the MacKay and Dover oil sands projects.1 M, h2 \8 o9 Q* j6 L
Among other things, the Chinese concerns have agreed to capital: |, k6 w4 {5 e9 H1 l8 P7 O
expenditures in excess of $250 million for developing the properties
, I6 b9 I: i4 Z* H3 nover the next three years.8 x$ F* y% W% y! Z% l: m% v: {
They have also pledged to increase employment levels in Canada as
* Z3 k2 m- K6 @5 L, Y- i2 q, R$ Uthey develop the projects over the next three years and to maintain2 J7 `( w- Z+ ~" J
an Alberta head office for operating companies associated with the
9 \+ G S+ \' c- t, X/ P0 e. Uprojects for the next five years.
, c5 q+ }, [* F8 T$ | (The Canadian Press) |
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