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OTTAWA - Ottawa has given its blessing to the sale of properties. K5 G8 _6 S- N" { K
owned by Athabasca Oil Sands Corp. to a Chinese company.
( n; s& H- ?: w- R4 O Federal Industry Minister Tony Clement says he has reviewed the9 [% X2 E0 [# w' M) w I
deal between Athabasca and PetroChina International Investment Co.: Y- x. l! k, [) A0 @
Ltd. and finds its is likely to be of net benefit to Canada.
& ?' N, N# k3 k7 _6 F3 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ f* c! i9 Z: ]' S: k( j8 t
made a number of significant commitments should they be allowed to! w/ G) L |1 Y4 J6 G8 x) W
acquire control of the MacKay and Dover oil sands projects.# o! Q1 X% a6 o7 j
Among other things, the Chinese concerns have agreed to capital
& X2 Q' D+ I! N- `expenditures in excess of $250 million for developing the properties
2 k) l. P$ ^2 X, g0 Yover the next three years.
" o. g O. D, v. E9 z They have also pledged to increase employment levels in Canada as/ V2 b9 _8 I. `: |. d
they develop the projects over the next three years and to maintain1 m+ J7 z$ Y# l( u
an Alberta head office for operating companies associated with the9 ], N& l% M" J3 R
projects for the next five years.# }* A2 C' I% h' q' M
(The Canadian Press) |
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