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OTTAWA - Ottawa has given its blessing to the sale of properties; G/ u t6 C( Z* O" t! l
owned by Athabasca Oil Sands Corp. to a Chinese company.
6 d2 k! K- n' C3 B Federal Industry Minister Tony Clement says he has reviewed the7 v. v; [ i0 k3 \6 F. E7 H7 {& t
deal between Athabasca and PetroChina International Investment Co.
" K$ O7 X M5 U% xLtd. and finds its is likely to be of net benefit to Canada.
1 g, b1 X" l; I; l Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 ?- O8 k- B. G9 n' |0 T9 O, i
made a number of significant commitments should they be allowed to
# y+ X% Q$ p2 n$ j7 A @' I, Macquire control of the MacKay and Dover oil sands projects.: H9 c! q/ Y; v6 b( p3 c
Among other things, the Chinese concerns have agreed to capital
/ ~1 I; Y, I6 }, S: }expenditures in excess of $250 million for developing the properties
/ A5 O7 u5 Q' B5 N; X! P5 D8 p" Mover the next three years.
3 z/ }/ p/ n! h* `2 a t& Q. x They have also pledged to increase employment levels in Canada as$ z! m9 [& X0 S7 W ]: K! f ~
they develop the projects over the next three years and to maintain
6 P% J" t7 ^, k f8 y3 }; ran Alberta head office for operating companies associated with the
/ k$ |3 M8 \2 jprojects for the next five years.8 X+ f$ P8 F5 d
(The Canadian Press) |
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