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OTTAWA - Ottawa has given its blessing to the sale of properties1 w" k; q( p# |
owned by Athabasca Oil Sands Corp. to a Chinese company.
) b, ~" u6 k( |4 x9 E9 V5 |5 u Federal Industry Minister Tony Clement says he has reviewed the
5 J( T: s0 m% U. X8 W4 i6 ddeal between Athabasca and PetroChina International Investment Co.
0 T" s. e, }0 \9 M7 }Ltd. and finds its is likely to be of net benefit to Canada.6 u' A. @- m5 I8 m. L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# ]* h7 v T$ {8 R# a8 |$ c
made a number of significant commitments should they be allowed to
8 P; m3 C0 P- R4 dacquire control of the MacKay and Dover oil sands projects.5 x; }8 P, i( ?3 |4 o& Z
Among other things, the Chinese concerns have agreed to capital& C Q* e6 k# H }6 @
expenditures in excess of $250 million for developing the properties: V8 {" F }# R
over the next three years.
. W! o) y) A% \# D They have also pledged to increase employment levels in Canada as/ Q" o) {2 Y+ j
they develop the projects over the next three years and to maintain/ U& ], Q0 W4 j$ I
an Alberta head office for operating companies associated with the! z7 K; b5 j/ t5 E7 G
projects for the next five years.5 |/ a2 W1 L' i8 z
(The Canadian Press) |
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