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OTTAWA - Ottawa has given its blessing to the sale of properties: h$ @: ?; F7 w6 G
owned by Athabasca Oil Sands Corp. to a Chinese company.5 i4 f$ c8 d7 Z% x3 @7 \
Federal Industry Minister Tony Clement says he has reviewed the& ], a$ U, q- W- i+ L: _4 E a
deal between Athabasca and PetroChina International Investment Co.8 T4 w7 D* R1 B% S2 i
Ltd. and finds its is likely to be of net benefit to Canada.9 d, P- q: ]% `) x* x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have- Y8 t6 L. o0 F6 y) u
made a number of significant commitments should they be allowed to' J, ~' L7 O+ t5 r: ?5 T
acquire control of the MacKay and Dover oil sands projects.
0 |$ G3 P2 f, n5 n; U! p( U' W Among other things, the Chinese concerns have agreed to capital
+ g/ p5 J8 `! p3 O1 d! [expenditures in excess of $250 million for developing the properties5 e7 }% g! M+ I E
over the next three years.
: Y- } ~" {" G They have also pledged to increase employment levels in Canada as
% F! o7 t& l: Gthey develop the projects over the next three years and to maintain* `% [7 g. W, l3 S3 o4 A5 T
an Alberta head office for operating companies associated with the
2 @' R% x9 A) p+ pprojects for the next five years.7 t! R- i3 f y, L0 V
(The Canadian Press) |
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