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OTTAWA - Ottawa has given its blessing to the sale of properties$ O* Q# _$ \" U
owned by Athabasca Oil Sands Corp. to a Chinese company.! C9 J5 {9 x2 y6 ]
Federal Industry Minister Tony Clement says he has reviewed the
' Y: @1 J: M( ]3 qdeal between Athabasca and PetroChina International Investment Co.
% ]9 {, }3 l( z8 ]2 i! ^" _" ?) nLtd. and finds its is likely to be of net benefit to Canada.1 F6 E; B" L, K0 Z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have5 h% @/ Y5 s3 ]& b5 s" D
made a number of significant commitments should they be allowed to
1 C1 c( v% w# C+ ^+ P3 Eacquire control of the MacKay and Dover oil sands projects.# G% u( M4 O9 [; J; s
Among other things, the Chinese concerns have agreed to capital" u7 t! Q w+ o+ L* w/ I
expenditures in excess of $250 million for developing the properties
: v: i# h/ Z% P2 Uover the next three years.6 n' j# i# R- v9 D( C" p
They have also pledged to increase employment levels in Canada as
, t( z* X X1 S6 U! ~they develop the projects over the next three years and to maintain
^: ]! ~8 T5 o5 Wan Alberta head office for operating companies associated with the
$ Z+ P+ N3 U4 U. b8 s, \& B: C3 {9 L" Tprojects for the next five years.
2 Y! V! J2 l* T, g. @; G3 I; e. A (The Canadian Press) |
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