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OTTAWA - Ottawa has given its blessing to the sale of properties2 t8 n2 M: v2 n( l- n2 W
owned by Athabasca Oil Sands Corp. to a Chinese company.% n8 k) }% ]7 ]! V; }' ]+ `0 E+ _3 B; E
Federal Industry Minister Tony Clement says he has reviewed the
9 l/ S" b. L* e, J; L% xdeal between Athabasca and PetroChina International Investment Co.
( ~/ d. p! p! m* Z2 p+ \Ltd. and finds its is likely to be of net benefit to Canada.
( t5 U# r0 |3 T; W3 r7 @7 I. W' | Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, u! A; s H% u; {5 }+ b8 U8 Y; lmade a number of significant commitments should they be allowed to9 x5 [. s. m- a) g" O
acquire control of the MacKay and Dover oil sands projects.
& F3 T0 }" `0 G$ E$ D6 F6 w& b9 [ Among other things, the Chinese concerns have agreed to capital h3 p: J1 K* L5 h0 w" j- k
expenditures in excess of $250 million for developing the properties% H$ y3 @& [8 o5 Y( n) R1 A7 O
over the next three years.9 s$ e3 q: R) ~! |2 E6 S
They have also pledged to increase employment levels in Canada as
; o. O# o; [5 n; Q2 M2 wthey develop the projects over the next three years and to maintain
+ B2 N; z+ r3 v' y0 O/ P {9 F+ \an Alberta head office for operating companies associated with the
# e4 ]" ~2 P7 A8 y! ] {6 Sprojects for the next five years.
; Q6 d# G( e5 `- m: G" W8 L; C (The Canadian Press) |
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