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OTTAWA - Ottawa has given its blessing to the sale of properties+ G) V4 c4 k! @' G, d$ D
owned by Athabasca Oil Sands Corp. to a Chinese company.% _; v- j% m6 o; f
Federal Industry Minister Tony Clement says he has reviewed the9 H/ p3 e+ T Z% G. q0 r& O7 R
deal between Athabasca and PetroChina International Investment Co.
% T7 I5 h9 m9 n5 ]Ltd. and finds its is likely to be of net benefit to Canada.
" ?, @5 [* ~ U2 ~! ?9 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 m% L: b! g4 u: y) f' |3 U& B2 Pmade a number of significant commitments should they be allowed to
& T, ?$ z# C& i2 @0 x4 Hacquire control of the MacKay and Dover oil sands projects.
/ I6 i) K; D" }- D, b Among other things, the Chinese concerns have agreed to capital: W. }" U/ u6 j" f, K2 j/ j( ~
expenditures in excess of $250 million for developing the properties+ T% X; f& l! h. e: Q- d+ U
over the next three years./ D" p3 v0 o0 Y- e7 c8 _" J' N1 E
They have also pledged to increase employment levels in Canada as
. Z' t8 H$ _+ X# M7 w) I* ~$ O& O+ ?they develop the projects over the next three years and to maintain% Z h9 u) |! Y6 E
an Alberta head office for operating companies associated with the
8 Q# K9 [" d0 L4 P, }( Dprojects for the next five years.0 V! ?# p7 ^2 x0 o! i
(The Canadian Press) |
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