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OTTAWA - Ottawa has given its blessing to the sale of properties
f4 k+ I) u% ~( w9 m. J Fowned by Athabasca Oil Sands Corp. to a Chinese company.3 o& `1 U6 |6 X, m5 `- s# z
Federal Industry Minister Tony Clement says he has reviewed the
. w0 g: [% e. g4 E* h& q( Ideal between Athabasca and PetroChina International Investment Co.
: A, H( b7 z9 }, X2 {Ltd. and finds its is likely to be of net benefit to Canada.
, ?8 B& f }, L' _! u, i' r Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 i/ k3 O1 K9 @) q/ q Umade a number of significant commitments should they be allowed to
' M. L3 C9 P2 M% g) Uacquire control of the MacKay and Dover oil sands projects.
# {# B' j3 X* W9 b( E1 u0 j' d- F0 B Among other things, the Chinese concerns have agreed to capital9 G+ J. C( ]6 _7 k4 J2 N
expenditures in excess of $250 million for developing the properties' |; E# Y2 K4 H7 \' J2 a$ T
over the next three years.
: q/ u1 g8 }9 ] They have also pledged to increase employment levels in Canada as
0 b' T8 S7 P. ]6 u' Y: Ethey develop the projects over the next three years and to maintain
* e' N' R7 b' n5 Tan Alberta head office for operating companies associated with the [' w' B- s2 s/ F3 j5 Z+ [
projects for the next five years." R) T6 T' F7 m8 V7 G2 b
(The Canadian Press) |
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