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OTTAWA - Ottawa has given its blessing to the sale of properties' L6 U2 S8 h2 f# H
owned by Athabasca Oil Sands Corp. to a Chinese company.+ |% v- U _6 V9 U
Federal Industry Minister Tony Clement says he has reviewed the
' B% h1 C% r1 l/ i, p' V; zdeal between Athabasca and PetroChina International Investment Co. w! H( r4 R+ j) `9 I
Ltd. and finds its is likely to be of net benefit to Canada.
6 P5 @# p$ @2 O& I" W$ Q: E Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* Y2 n5 ]1 p c* i$ Z, cmade a number of significant commitments should they be allowed to; O) y& M# v& h0 A& D" U
acquire control of the MacKay and Dover oil sands projects.
3 E7 `) G. {8 }$ E) ~3 L$ Q# ] Among other things, the Chinese concerns have agreed to capital
$ v: { s, |( mexpenditures in excess of $250 million for developing the properties1 O" O# W6 t" a- s/ V R6 N( C9 o
over the next three years.
4 R# c8 _: I0 F; c They have also pledged to increase employment levels in Canada as( v0 {! u: r$ S
they develop the projects over the next three years and to maintain+ `7 T1 T4 |% S% f7 k6 b/ }% V
an Alberta head office for operating companies associated with the( O1 S1 H' H' h) r7 u
projects for the next five years." _0 S+ n! r! X0 c9 j" y
(The Canadian Press) |
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