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OTTAWA - Ottawa has given its blessing to the sale of properties
; w! ]6 h0 s9 N/ i! Wowned by Athabasca Oil Sands Corp. to a Chinese company.) s' u: _) m+ k5 B3 X) y
Federal Industry Minister Tony Clement says he has reviewed the9 h/ h% c' p* s
deal between Athabasca and PetroChina International Investment Co.
+ m: S) c, Z2 X- @* CLtd. and finds its is likely to be of net benefit to Canada.
/ p4 w- O; Q e; {: v8 j Clement says PetroChina and its parent, PetroChina Co. Ltd., have: c# S& T+ H3 \: K; T4 p1 ?3 N6 P
made a number of significant commitments should they be allowed to
% d; l+ r+ p% s0 iacquire control of the MacKay and Dover oil sands projects.
2 T8 R7 w& C/ a* n2 s Among other things, the Chinese concerns have agreed to capital6 [1 b! t$ N1 d( q9 R
expenditures in excess of $250 million for developing the properties
$ z, b7 H% w1 }) |2 @; A7 `' F3 dover the next three years.
& v# y7 t; L# w) q+ D' G They have also pledged to increase employment levels in Canada as1 {- ?/ h: @6 y% E7 q5 \
they develop the projects over the next three years and to maintain3 P+ d+ A/ `4 j7 I
an Alberta head office for operating companies associated with the8 _/ S9 l) F# ^& k9 I
projects for the next five years.
3 j) y* v' r' m, u (The Canadian Press) |
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