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OTTAWA - Ottawa has given its blessing to the sale of properties: v S9 n6 V' p% f0 u7 j
owned by Athabasca Oil Sands Corp. to a Chinese company.8 A: j4 R4 N* v$ [! O1 D
Federal Industry Minister Tony Clement says he has reviewed the
# B' @! j; E/ p- m8 |deal between Athabasca and PetroChina International Investment Co.
( k: A$ I" Q& w5 v: vLtd. and finds its is likely to be of net benefit to Canada.
5 I: V' K+ b. i. D7 f* p5 A! g T Clement says PetroChina and its parent, PetroChina Co. Ltd., have) w! ?$ |0 r5 G' ~1 t0 o
made a number of significant commitments should they be allowed to+ \) K. j" H4 L0 t/ ~8 G
acquire control of the MacKay and Dover oil sands projects.
5 \' d* p& H1 f5 }4 Z Among other things, the Chinese concerns have agreed to capital
( e( {/ q0 L0 v0 Q( x" [( Rexpenditures in excess of $250 million for developing the properties0 Y: {5 b/ |7 x6 H
over the next three years." X, R0 j8 `# o+ L: O; h6 ~9 o* ~
They have also pledged to increase employment levels in Canada as0 @9 V% F5 Q/ v" p7 T& L! k H
they develop the projects over the next three years and to maintain
+ ^0 F; D2 l- [: \an Alberta head office for operating companies associated with the! Q. K9 `% L( j9 s3 g: [
projects for the next five years.+ h2 |3 A+ ~, L% t: B: R6 h0 r" K! }
(The Canadian Press) |
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