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OTTAWA - Ottawa has given its blessing to the sale of properties
: g4 F' t# h. Y& E/ downed by Athabasca Oil Sands Corp. to a Chinese company. e* P) R1 J( x
Federal Industry Minister Tony Clement says he has reviewed the
' j6 ` h# ^0 x; `$ T5 @3 Ydeal between Athabasca and PetroChina International Investment Co.
+ Y9 N: g4 n' _! WLtd. and finds its is likely to be of net benefit to Canada.
- N& O9 O3 M: M5 y7 D Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 Z+ m1 M) z0 e+ h# omade a number of significant commitments should they be allowed to% j L. G# d/ ~
acquire control of the MacKay and Dover oil sands projects.$ K$ I$ F; C6 V" \5 W; L
Among other things, the Chinese concerns have agreed to capital
0 x0 a; `, E, i$ C1 Rexpenditures in excess of $250 million for developing the properties
0 n% p* {5 B: T; Cover the next three years.! S' {' {; M9 ~- L f
They have also pledged to increase employment levels in Canada as
; ^. t- g( i4 ~, e& Zthey develop the projects over the next three years and to maintain
8 `# q% g/ _" |% lan Alberta head office for operating companies associated with the
4 U9 [! p, G) R: uprojects for the next five years.
: u$ R8 l; P' M( X6 W) Y) v7 M% Q) a (The Canadian Press) |
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