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OTTAWA - Ottawa has given its blessing to the sale of properties
( a. O8 j4 Y# Q/ p- q! @, C8 Mowned by Athabasca Oil Sands Corp. to a Chinese company." `& Q6 Z+ |7 j' C7 @- Z7 a
Federal Industry Minister Tony Clement says he has reviewed the5 ] J* h' U( e6 g( D) s2 U
deal between Athabasca and PetroChina International Investment Co./ H; v/ y$ P, c
Ltd. and finds its is likely to be of net benefit to Canada.* s9 ~- j6 m- y4 T: J/ l
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
5 t; d9 `! g/ T1 cmade a number of significant commitments should they be allowed to
" ]+ x X' q- {* s8 v& }6 n. vacquire control of the MacKay and Dover oil sands projects.
' P6 F D. D, u- R& ?# C7 Q Among other things, the Chinese concerns have agreed to capital u5 ~- [1 n# e# `" S8 i' T
expenditures in excess of $250 million for developing the properties
/ B' ^; b6 @1 r: d; m1 Tover the next three years.
- H1 Y. i0 V* m They have also pledged to increase employment levels in Canada as" {; x6 Y) j* d+ K7 @% v7 G9 P9 N
they develop the projects over the next three years and to maintain
6 C9 F$ H: m( T# {* |0 [' \) d% Ran Alberta head office for operating companies associated with the
; _+ A1 R" ]- o+ u) x& lprojects for the next five years.
3 j9 \$ ~7 }' i- W3 G/ ~5 ~) D2 T2 t (The Canadian Press) |
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