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OTTAWA - Ottawa has given its blessing to the sale of properties
5 R( m% [# O6 P' [owned by Athabasca Oil Sands Corp. to a Chinese company.
1 u* E9 J: n/ h( { Federal Industry Minister Tony Clement says he has reviewed the0 o- y, W& W) n) l: s4 D9 Y
deal between Athabasca and PetroChina International Investment Co.
% n6 o( C/ W9 q$ c+ ALtd. and finds its is likely to be of net benefit to Canada.8 w0 c/ I e \( G3 e% K
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 s2 E7 H2 _8 A4 ?: k
made a number of significant commitments should they be allowed to
9 S% a8 K0 [, @# O7 n; g4 T) Eacquire control of the MacKay and Dover oil sands projects.
6 ~' b3 X) a" R5 }# A7 D" B. [1 t Among other things, the Chinese concerns have agreed to capital
) S5 s- w; y& { Fexpenditures in excess of $250 million for developing the properties
" `+ D$ R+ k. x9 _3 }( Yover the next three years.
4 e1 }! F6 N5 ^ They have also pledged to increase employment levels in Canada as
7 V8 f$ D5 Y( d6 Y( Xthey develop the projects over the next three years and to maintain
* a3 b& \4 l, K! z) ]an Alberta head office for operating companies associated with the
2 N( k! Z6 _8 |/ {4 ~0 Xprojects for the next five years.
- G9 z3 A s6 \% G) n (The Canadian Press) |
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