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OTTAWA - Ottawa has given its blessing to the sale of properties8 [# G1 i, Q5 ~% }& {
owned by Athabasca Oil Sands Corp. to a Chinese company.9 k% g0 z/ x6 p! O+ B
Federal Industry Minister Tony Clement says he has reviewed the- M: @+ u6 p% n: a, L
deal between Athabasca and PetroChina International Investment Co.
$ A$ V9 h+ A. ]& d3 KLtd. and finds its is likely to be of net benefit to Canada.
! t) V* t! J4 ^, C# \+ U% ^" K Clement says PetroChina and its parent, PetroChina Co. Ltd., have# f: _1 \4 X% C' o+ s9 A, V8 r
made a number of significant commitments should they be allowed to
' A4 w Q4 s1 aacquire control of the MacKay and Dover oil sands projects.
% y4 Q1 q1 Y1 h" @+ ] Among other things, the Chinese concerns have agreed to capital! w( U3 Q( r$ k( X/ r, r2 N/ h
expenditures in excess of $250 million for developing the properties. I6 V# B8 O( ^) u$ \! Y
over the next three years.+ e9 c, H( z7 ]! e- y* b- Z
They have also pledged to increase employment levels in Canada as
1 j) q8 T5 f7 i! c9 }+ T0 othey develop the projects over the next three years and to maintain
. ]: B; C& p9 }1 |5 V4 T% yan Alberta head office for operating companies associated with the
9 L" ]" E/ ~% y8 M, ]projects for the next five years.
: I, O; [! T: z( C T$ l. A" d1 S (The Canadian Press) |
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