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OTTAWA - Ottawa has given its blessing to the sale of properties
" D- k, N1 E) G! Xowned by Athabasca Oil Sands Corp. to a Chinese company.+ r& q& ^5 u; [( S" @: Z. t
Federal Industry Minister Tony Clement says he has reviewed the
T8 v \* a; {6 O- Edeal between Athabasca and PetroChina International Investment Co.+ [ ]8 g4 ]0 `5 Z: s* n _
Ltd. and finds its is likely to be of net benefit to Canada.
# C: j/ {& X# h Clement says PetroChina and its parent, PetroChina Co. Ltd., have3 c% p& {/ H; t" Y1 r% f+ C4 t
made a number of significant commitments should they be allowed to
' P9 @! R$ r7 \( _acquire control of the MacKay and Dover oil sands projects.2 C" e' J) @. S! I1 ]3 P
Among other things, the Chinese concerns have agreed to capital
. w- \1 S; H' yexpenditures in excess of $250 million for developing the properties$ i9 W" S& S+ p6 F
over the next three years.$ l1 G, h& L' U; V$ d
They have also pledged to increase employment levels in Canada as
9 N' u" ]6 ]/ B1 athey develop the projects over the next three years and to maintain
; ` K \1 h' J$ G# [, s* N& o1 yan Alberta head office for operating companies associated with the
3 \3 q- W) w8 \% h- u |: Kprojects for the next five years.
6 @+ X" f3 u4 [ (The Canadian Press) |
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