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OTTAWA - Ottawa has given its blessing to the sale of properties* v" R7 I" v# H
owned by Athabasca Oil Sands Corp. to a Chinese company.
% e* w9 S7 _% |0 ?, s Federal Industry Minister Tony Clement says he has reviewed the: x, P! f# F1 Y' [) a. [0 n7 j
deal between Athabasca and PetroChina International Investment Co.; p/ k/ r8 Z8 |+ ?$ R
Ltd. and finds its is likely to be of net benefit to Canada.
2 A0 j& U' \$ y8 Z; q } Clement says PetroChina and its parent, PetroChina Co. Ltd., have
) G* q* H* h+ C3 E5 L: Xmade a number of significant commitments should they be allowed to
1 P1 @/ ~: X6 S6 h6 xacquire control of the MacKay and Dover oil sands projects.
# K4 [0 D$ x6 p& l) n7 m; t N Among other things, the Chinese concerns have agreed to capital
- F& N% K1 I9 }* v' Bexpenditures in excess of $250 million for developing the properties
2 }) _% z+ q, W2 rover the next three years.
+ L" e2 ?% O6 x! { They have also pledged to increase employment levels in Canada as
0 }7 L* s2 [7 S0 j- J) f, Rthey develop the projects over the next three years and to maintain
8 E" `" R: a$ ?: dan Alberta head office for operating companies associated with the1 I7 {# M- ?: g5 C
projects for the next five years.
6 |! D, ]0 S2 D9 M' p (The Canadian Press) |
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