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OTTAWA - Ottawa has given its blessing to the sale of properties; ?0 {/ d( B$ ]$ q! o. H w
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 F% H6 @' C7 r) k6 Z Federal Industry Minister Tony Clement says he has reviewed the
3 S3 J% J, F( r* M6 cdeal between Athabasca and PetroChina International Investment Co.
( A: d' s1 i6 `5 @2 B7 n( G* L4 pLtd. and finds its is likely to be of net benefit to Canada.
. l1 E9 I0 A+ W2 q9 W; N- i Clement says PetroChina and its parent, PetroChina Co. Ltd., have) b+ a: k* O( ~. `
made a number of significant commitments should they be allowed to: d/ V, c4 i3 K6 ]/ P
acquire control of the MacKay and Dover oil sands projects.: v8 @. i1 i" w }
Among other things, the Chinese concerns have agreed to capital! E( h( R) s& P; G
expenditures in excess of $250 million for developing the properties
+ Z! s4 k3 j$ T8 h0 i7 O% {over the next three years. B5 @6 C7 x0 v5 p- Q3 k# k
They have also pledged to increase employment levels in Canada as
2 f/ Q& f$ R: T- Nthey develop the projects over the next three years and to maintain7 q+ M9 p6 U q' }6 r( z x5 Q
an Alberta head office for operating companies associated with the
" X% S, F0 D' vprojects for the next five years.
' P" b2 ]0 |6 a; y" P, z- M# b) c (The Canadian Press) |
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