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OTTAWA - Ottawa has given its blessing to the sale of properties
- Z, ]2 w2 {- ]' Uowned by Athabasca Oil Sands Corp. to a Chinese company.
1 k' |0 z* b+ v q, u) ? Federal Industry Minister Tony Clement says he has reviewed the
2 ^/ C! V/ N+ P Vdeal between Athabasca and PetroChina International Investment Co.- i2 p% \0 u7 S
Ltd. and finds its is likely to be of net benefit to Canada.
, Q3 ^* w" P, l Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 G2 B4 h7 `/ ?, M3 b+ [made a number of significant commitments should they be allowed to
$ X, G% M; `2 l! ^8 |9 B/ Qacquire control of the MacKay and Dover oil sands projects." E0 M! i6 \& P# _
Among other things, the Chinese concerns have agreed to capital' ~7 C: b9 N2 ~3 D5 @
expenditures in excess of $250 million for developing the properties8 l1 j" ^+ H; d
over the next three years.9 U- e, J5 h2 X0 u* @2 \
They have also pledged to increase employment levels in Canada as
( D5 }3 T% }) L4 B# a9 Mthey develop the projects over the next three years and to maintain
& f9 j1 [5 O% Qan Alberta head office for operating companies associated with the
2 {( f6 s+ X" F9 l1 R. M1 D! Iprojects for the next five years.* u& n# M# s4 o* i m7 Y- U6 q
(The Canadian Press) |
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