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OTTAWA - Ottawa has given its blessing to the sale of properties
# r, h* V# ^5 S4 z d; G: _8 ^owned by Athabasca Oil Sands Corp. to a Chinese company.* R/ [, K1 Q' n2 | t% t
Federal Industry Minister Tony Clement says he has reviewed the
) V# f+ `+ G5 b- V- A, g- ^deal between Athabasca and PetroChina International Investment Co.( O* ~2 \4 U/ Q; j& X3 W
Ltd. and finds its is likely to be of net benefit to Canada.9 K: f- r' c& `0 z- `# j: b8 ^& {" E
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ V* l" O& H0 G9 m* h( Q
made a number of significant commitments should they be allowed to6 C3 V# ?) W9 [; o. i" `
acquire control of the MacKay and Dover oil sands projects.% G" l! O8 K" Z8 L' t+ w
Among other things, the Chinese concerns have agreed to capital
/ h" O! D: Y [, O! u% | Mexpenditures in excess of $250 million for developing the properties+ \; s/ U4 ?# ~
over the next three years.' Y( p! U" m3 E5 u2 E: O
They have also pledged to increase employment levels in Canada as
+ D* `0 Q, M. T) g3 vthey develop the projects over the next three years and to maintain
& \1 Z% \9 R- w0 E& han Alberta head office for operating companies associated with the
, \( i' s2 E3 Gprojects for the next five years.7 D8 Q2 f* s* v3 X v
(The Canadian Press) |
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