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OTTAWA - Ottawa has given its blessing to the sale of properties' ~& i$ F; G' P% z9 L
owned by Athabasca Oil Sands Corp. to a Chinese company.
9 ~. q/ L0 G( {& ?; z, I1 a7 k" J Federal Industry Minister Tony Clement says he has reviewed the
" H: m/ V0 T' l' f7 U& K% M, Kdeal between Athabasca and PetroChina International Investment Co.
* u! L$ y* g1 q# Z5 ELtd. and finds its is likely to be of net benefit to Canada.
$ S5 w @7 @" A7 J* L! W Clement says PetroChina and its parent, PetroChina Co. Ltd., have2 C. R3 O' H" `5 |4 J" r" F
made a number of significant commitments should they be allowed to Q' K" P# j4 v
acquire control of the MacKay and Dover oil sands projects.2 I% Y6 ^2 @! ?! x% u' d
Among other things, the Chinese concerns have agreed to capital
G: }, u; T* d# M0 aexpenditures in excess of $250 million for developing the properties
$ U1 P* F6 E- u, Sover the next three years." y2 i2 y; |" |8 r+ k6 q1 _
They have also pledged to increase employment levels in Canada as
6 A( F" ?$ O; P0 k" Jthey develop the projects over the next three years and to maintain: n6 W# q* f- C: L( l& g
an Alberta head office for operating companies associated with the
4 h* G9 i4 D6 F. O, `: mprojects for the next five years.
) f7 ~9 w' U; i2 {1 V! B x (The Canadian Press) |
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