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OTTAWA - Ottawa has given its blessing to the sale of properties
" g6 M, Y' g# S# u1 C5 r9 G' oowned by Athabasca Oil Sands Corp. to a Chinese company.- B- C0 e' v" |2 q
Federal Industry Minister Tony Clement says he has reviewed the* ~9 O I0 g- D" |8 a# ]
deal between Athabasca and PetroChina International Investment Co./ c3 O+ [- q8 y$ I
Ltd. and finds its is likely to be of net benefit to Canada.
: ^0 ?0 [$ F. _) o Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 p+ F% x* h+ P' f4 b5 e0 Q
made a number of significant commitments should they be allowed to' a0 g1 A2 F$ K1 f3 T7 w
acquire control of the MacKay and Dover oil sands projects.
4 X' U. e# k4 U Among other things, the Chinese concerns have agreed to capital; l' ]& R2 X* P; H$ `
expenditures in excess of $250 million for developing the properties
" Z2 Q& T3 R( z# @over the next three years./ ~. G8 _* B$ a, j9 K& D/ ]
They have also pledged to increase employment levels in Canada as
+ i' G6 k+ E$ E# h( hthey develop the projects over the next three years and to maintain0 H* _% d' i! ?
an Alberta head office for operating companies associated with the/ n$ {0 A2 D8 W/ s& \. g
projects for the next five years.
* N1 ^; Z* G& s! D( X: Z# g/ t (The Canadian Press) |
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