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OTTAWA - Ottawa has given its blessing to the sale of properties, T0 C. ]4 ^5 ?0 t" a8 a( s+ ?/ A8 z
owned by Athabasca Oil Sands Corp. to a Chinese company.' {9 ^3 i4 E2 u+ ?3 A! t
Federal Industry Minister Tony Clement says he has reviewed the
# z2 ? @, K! y: A1 c$ [ K6 Bdeal between Athabasca and PetroChina International Investment Co.
6 p0 X7 ^) @& J1 aLtd. and finds its is likely to be of net benefit to Canada.
9 y K, W# {/ {6 f% q6 O* T Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 l/ {: I+ n! y: amade a number of significant commitments should they be allowed to
$ p! N% \+ s, O' facquire control of the MacKay and Dover oil sands projects.
2 u: q* ~( G& |) l/ P6 Q Among other things, the Chinese concerns have agreed to capital$ F' A |8 s2 d4 @2 m
expenditures in excess of $250 million for developing the properties$ I! ^2 W0 a$ L9 M# @
over the next three years.6 Q8 r B% ], J6 E. m+ O
They have also pledged to increase employment levels in Canada as( C( v/ S8 z7 L, Q
they develop the projects over the next three years and to maintain
" J+ m& O0 R) K& {. f$ t! Lan Alberta head office for operating companies associated with the
6 W5 V; u+ l. r3 p7 uprojects for the next five years.
. z( x/ J6 m/ m5 L9 t6 A (The Canadian Press) |
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