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OTTAWA - Ottawa has given its blessing to the sale of properties# a# [' ~+ ^8 h5 G: A- G
owned by Athabasca Oil Sands Corp. to a Chinese company. w$ E- Y) ~) V% E) F. f% @
Federal Industry Minister Tony Clement says he has reviewed the
/ A1 U% U3 u5 E; odeal between Athabasca and PetroChina International Investment Co.+ l0 l6 ?; @6 g( b! a. h# i; z
Ltd. and finds its is likely to be of net benefit to Canada.
' @5 G4 p% `, Y, u Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 |9 f6 d; e8 R9 Q _" a1 M( b4 vmade a number of significant commitments should they be allowed to' a3 z7 { b6 y& v: G2 C9 s+ V- @/ y
acquire control of the MacKay and Dover oil sands projects.
; E. X f) J" }" r; C8 z Among other things, the Chinese concerns have agreed to capital
, ]3 {! w1 K! Nexpenditures in excess of $250 million for developing the properties
7 h0 V% s4 H2 q" _+ k4 @over the next three years.
# o' D+ N$ g! j, { They have also pledged to increase employment levels in Canada as2 G+ @" S! i# w9 |2 |* s
they develop the projects over the next three years and to maintain
, H1 p$ B# p% i \an Alberta head office for operating companies associated with the
1 o7 V& G0 L6 Q; X0 bprojects for the next five years.
& r& Y3 Z9 \. A$ R4 O! h+ Y/ q. | (The Canadian Press) |
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