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OTTAWA - Ottawa has given its blessing to the sale of properties
5 ^8 _9 V% h% Fowned by Athabasca Oil Sands Corp. to a Chinese company.7 M* i, v" u7 E- O. G# e
Federal Industry Minister Tony Clement says he has reviewed the
/ L, N! ^$ {+ J7 v; L! ideal between Athabasca and PetroChina International Investment Co.. z* S1 n( E3 N+ G% T, P
Ltd. and finds its is likely to be of net benefit to Canada.2 r2 o9 g$ }, {" W. V3 L# I% X4 X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) `( Z. k# ~9 }7 D( H: P. D
made a number of significant commitments should they be allowed to, Z4 }. `2 q4 ^5 N
acquire control of the MacKay and Dover oil sands projects.
/ Z- U7 Q) o1 h4 W; N Among other things, the Chinese concerns have agreed to capital4 b" x8 V! t, j1 q# t
expenditures in excess of $250 million for developing the properties, ?$ j4 F$ P7 n! h
over the next three years.
m6 q8 x" x0 P8 E0 Z+ \: T They have also pledged to increase employment levels in Canada as
9 h4 t% X' B5 v: Y/ _they develop the projects over the next three years and to maintain: c( c$ H" B# _1 B
an Alberta head office for operating companies associated with the
* H* W8 V' z* R4 |projects for the next five years.
: J8 s# p" Q4 J2 G. ~ (The Canadian Press) |
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