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OTTAWA - Ottawa has given its blessing to the sale of properties
5 v0 h8 O2 C" I/ Z! V/ J8 v/ \owned by Athabasca Oil Sands Corp. to a Chinese company.
0 A6 M$ X" ~5 N% T Federal Industry Minister Tony Clement says he has reviewed the
( o: {0 ~8 i( \1 r3 e% O9 ^( `deal between Athabasca and PetroChina International Investment Co.% } [) `& f0 }6 y
Ltd. and finds its is likely to be of net benefit to Canada.
+ {* C( S2 c6 ]3 H& z' r Clement says PetroChina and its parent, PetroChina Co. Ltd., have; j6 k2 T/ O* M, Y0 z6 ^9 j. a
made a number of significant commitments should they be allowed to9 C- A* N# Y& V7 K/ l! {
acquire control of the MacKay and Dover oil sands projects.0 A( l) U: W% N" \5 r1 _# J
Among other things, the Chinese concerns have agreed to capital
" Z) q1 c& @' n/ g! O' \expenditures in excess of $250 million for developing the properties
2 D% o/ a3 }; b J( {* R3 S' ~over the next three years.) C3 B+ ^/ x' G0 w" V' u! N
They have also pledged to increase employment levels in Canada as, M) O& ^$ f" {" `, F& S1 t
they develop the projects over the next three years and to maintain
! [% v( L; c* C5 p4 s9 h! Uan Alberta head office for operating companies associated with the
8 D0 s% z% `" S9 }0 K8 W8 |projects for the next five years.
7 ?. ^) v$ K( C5 X (The Canadian Press) |
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