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OTTAWA - Ottawa has given its blessing to the sale of properties
1 f- B l; c p1 P# x+ E7 \owned by Athabasca Oil Sands Corp. to a Chinese company.( S" h+ W' t3 d/ p9 I. P" o0 k7 s' }% B
Federal Industry Minister Tony Clement says he has reviewed the1 {7 H, y. k7 G4 e( ]9 E0 {& p
deal between Athabasca and PetroChina International Investment Co.
; j; S& l8 k3 WLtd. and finds its is likely to be of net benefit to Canada.2 X8 r3 }# x7 m6 y# V# F# p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 T) h$ @4 b6 P4 v+ O, ~+ _0 z6 n
made a number of significant commitments should they be allowed to
# h: n+ c* H+ b+ n1 }acquire control of the MacKay and Dover oil sands projects.
2 \" R4 d* `/ m0 J3 e; d Among other things, the Chinese concerns have agreed to capital
" l, d- h5 A8 E3 g8 a+ ]expenditures in excess of $250 million for developing the properties
! i. P( N' L# ]over the next three years.
1 |7 g- W0 S* }/ v9 f" \: G0 T They have also pledged to increase employment levels in Canada as
" E' }: [$ c9 |& vthey develop the projects over the next three years and to maintain' q0 L x/ U# \, U
an Alberta head office for operating companies associated with the
. n" z# k5 S, w/ Fprojects for the next five years.$ ^* Z4 i- Y! o# x7 J0 A# G
(The Canadian Press) |
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