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OTTAWA - Ottawa has given its blessing to the sale of properties( H1 |* Z3 l" J0 |- a* k
owned by Athabasca Oil Sands Corp. to a Chinese company.
. b0 i) W7 Y0 M) g9 I Federal Industry Minister Tony Clement says he has reviewed the
1 |) y, u' Y( |4 X% H- _1 l/ cdeal between Athabasca and PetroChina International Investment Co.: M' l0 }; |2 s
Ltd. and finds its is likely to be of net benefit to Canada.
" S! @/ T" C0 i/ j Clement says PetroChina and its parent, PetroChina Co. Ltd., have) ^& T9 b+ B" W: Q( L
made a number of significant commitments should they be allowed to
( p, ]% @' S iacquire control of the MacKay and Dover oil sands projects.
, P7 S5 q+ a3 p Among other things, the Chinese concerns have agreed to capital3 n* E0 `, w4 v( ]6 _: S1 C
expenditures in excess of $250 million for developing the properties
- h0 u5 d* s4 C$ H% C+ mover the next three years.
0 ^& H O* l6 I' \/ r3 g0 A/ n' A- s They have also pledged to increase employment levels in Canada as
2 S0 D$ y9 N. F2 j% u' x% Othey develop the projects over the next three years and to maintain+ L- R+ w. R5 G) S( g4 D1 p! F
an Alberta head office for operating companies associated with the
) t( D5 P( u4 Zprojects for the next five years./ l7 y8 ~; t( f! R* k+ N5 H/ }
(The Canadian Press) |
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