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OTTAWA - Ottawa has given its blessing to the sale of properties+ N8 z( S9 ?, a, D; f! E2 ?
owned by Athabasca Oil Sands Corp. to a Chinese company.
8 g: W8 _( ?, O e2 Y/ ^4 l Federal Industry Minister Tony Clement says he has reviewed the
9 W {' U3 L. J9 Bdeal between Athabasca and PetroChina International Investment Co.4 h7 @# ?7 a$ L/ A$ @% i Y
Ltd. and finds its is likely to be of net benefit to Canada.
1 i8 J7 _. ?# V) o/ y( n Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# W6 P) v) l" V' s% ^$ Tmade a number of significant commitments should they be allowed to
0 c6 n; O K Oacquire control of the MacKay and Dover oil sands projects.
. B, y8 b$ S5 F; N5 d# D Among other things, the Chinese concerns have agreed to capital) E( B0 s- n5 J& |, Q& n7 A8 ~2 U0 O
expenditures in excess of $250 million for developing the properties
4 Q0 L5 c% S" s1 K& a5 Cover the next three years.7 Q* M. M$ c$ Y# J& X U4 e1 W
They have also pledged to increase employment levels in Canada as
% G3 d9 {& t. ~they develop the projects over the next three years and to maintain+ u' V$ J- s8 D6 W2 T" o
an Alberta head office for operating companies associated with the
0 |* L2 k, y) vprojects for the next five years.9 k0 i1 Q: n# \! I
(The Canadian Press) |
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