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OTTAWA - Ottawa has given its blessing to the sale of properties$ a1 e: }1 b) t0 O* A
owned by Athabasca Oil Sands Corp. to a Chinese company.' \4 v4 |; `2 {
Federal Industry Minister Tony Clement says he has reviewed the3 Y4 r8 ^% L8 g) f% A5 q7 X9 d
deal between Athabasca and PetroChina International Investment Co.
3 W4 o& _/ U' e3 \) @/ TLtd. and finds its is likely to be of net benefit to Canada.. L$ Y" s8 u( X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 ]. l; N4 n) d
made a number of significant commitments should they be allowed to
; I: x, j F9 Q9 wacquire control of the MacKay and Dover oil sands projects.8 ~: M& }! }4 ~$ @$ b' n; R9 D7 L
Among other things, the Chinese concerns have agreed to capital
7 p# X6 G5 g6 ~, e* \/ Aexpenditures in excess of $250 million for developing the properties
Z, p( U6 s7 g- Eover the next three years.
% ~- Z3 w& Q; W2 Y5 W/ N They have also pledged to increase employment levels in Canada as9 W! |. G: s; o' d- D
they develop the projects over the next three years and to maintain6 q3 g% N$ t! d: z \6 h) [
an Alberta head office for operating companies associated with the
( x1 }* U) K0 O8 gprojects for the next five years.: a1 K. x/ H) S, a- v4 \% |
(The Canadian Press) |
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