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OTTAWA - Ottawa has given its blessing to the sale of properties
, l$ U; @! C) \# ?owned by Athabasca Oil Sands Corp. to a Chinese company.
8 t$ C) T: W; ? Federal Industry Minister Tony Clement says he has reviewed the
3 V9 U5 y7 q! ndeal between Athabasca and PetroChina International Investment Co.
& B- j% { p& c/ b; K% K; M- ELtd. and finds its is likely to be of net benefit to Canada.
! t. l+ O; x3 R Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 @& J! N) c, I( H) Amade a number of significant commitments should they be allowed to
N. B/ K! ]8 a& \# Nacquire control of the MacKay and Dover oil sands projects.3 j% V/ v. ~$ T, I
Among other things, the Chinese concerns have agreed to capital! |7 \, j0 ~, s- b0 |. b
expenditures in excess of $250 million for developing the properties7 q5 A& ~4 R, O5 v$ |2 O) v7 `: M7 I# _
over the next three years. \- A0 Z ?1 F% L! r$ M: v% S
They have also pledged to increase employment levels in Canada as1 ^! e8 ~1 Z, H4 D: j
they develop the projects over the next three years and to maintain
: _6 d! N) t: C7 e" b y' M) d; Nan Alberta head office for operating companies associated with the9 c! z5 @7 H: Z
projects for the next five years.
0 w- Y' r( F8 {: B6 |- S& y+ f1 _ (The Canadian Press) |
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