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OTTAWA - Ottawa has given its blessing to the sale of properties. w" @0 p" H; R3 \
owned by Athabasca Oil Sands Corp. to a Chinese company.
; v1 O3 O- l5 v- E+ `$ O5 v2 h Federal Industry Minister Tony Clement says he has reviewed the
( u7 n7 D8 j$ Q+ @deal between Athabasca and PetroChina International Investment Co.. s% @0 C- q, o3 Y
Ltd. and finds its is likely to be of net benefit to Canada.2 |. E( ^- G0 d% j# H: K9 P
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ m7 p. r1 g! z/ c
made a number of significant commitments should they be allowed to2 q4 }! ]* T/ ^
acquire control of the MacKay and Dover oil sands projects.' A& {: k# O2 i) V
Among other things, the Chinese concerns have agreed to capital- K7 c/ E4 d/ v2 c7 [ M8 j
expenditures in excess of $250 million for developing the properties5 k( x5 ], [3 O4 P& o
over the next three years.
& \+ X& Q4 L" {) K They have also pledged to increase employment levels in Canada as8 C4 ?/ R6 a# I
they develop the projects over the next three years and to maintain. B. i3 x* S2 ]; N, J) _
an Alberta head office for operating companies associated with the
" `$ k8 i1 G8 `3 X/ I+ f% k. bprojects for the next five years.
8 w' }& I+ p9 a0 j! z1 h# z (The Canadian Press) |
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