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OTTAWA - Ottawa has given its blessing to the sale of properties
" S; ~ Q1 g- [9 [- \" bowned by Athabasca Oil Sands Corp. to a Chinese company.! Z' T- n8 M8 M) k* T
Federal Industry Minister Tony Clement says he has reviewed the; q7 [. A0 {! ]5 c8 E% q
deal between Athabasca and PetroChina International Investment Co.
+ M* X/ S1 V& I# b: c* ELtd. and finds its is likely to be of net benefit to Canada.$ }, H, U @! n) h7 I* U
Clement says PetroChina and its parent, PetroChina Co. Ltd., have. {( L4 W) G& s' v' S3 M! c
made a number of significant commitments should they be allowed to% h2 g' L, K6 v4 N
acquire control of the MacKay and Dover oil sands projects.: e8 w) B! n. I
Among other things, the Chinese concerns have agreed to capital
- a# a! C% ?2 `7 M1 l8 Mexpenditures in excess of $250 million for developing the properties' I) K9 L& w( L# i3 D/ H. b9 u
over the next three years.
: S% V. e, f8 e& s They have also pledged to increase employment levels in Canada as
6 j' {+ d2 N& j6 S/ y, @* ]they develop the projects over the next three years and to maintain
3 {. C. S, c B. F+ A5 Man Alberta head office for operating companies associated with the
5 ^& B0 [- f; ?6 k3 W8 [" vprojects for the next five years.0 c) X/ k- J8 E; j
(The Canadian Press) |
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