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OTTAWA - Ottawa has given its blessing to the sale of properties
- w4 ?0 m6 C! \ N4 r- U. o* lowned by Athabasca Oil Sands Corp. to a Chinese company.+ r( N* {4 G( u
Federal Industry Minister Tony Clement says he has reviewed the
5 N! s c+ P; ~/ Y Tdeal between Athabasca and PetroChina International Investment Co.
8 g9 R* q* \3 K9 zLtd. and finds its is likely to be of net benefit to Canada.1 J8 V9 B+ V3 H7 y, T
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ q4 ]$ y4 \+ Y# gmade a number of significant commitments should they be allowed to
- W- ^2 R R J. [' C }- b; [' H( @acquire control of the MacKay and Dover oil sands projects.' ? E! S( m7 b$ s; B+ q" }* f' e
Among other things, the Chinese concerns have agreed to capital
; V( Y- S a, T: f/ }2 Z0 |expenditures in excess of $250 million for developing the properties8 A+ T( y$ L2 t
over the next three years.4 \! U L$ |3 S6 d1 _
They have also pledged to increase employment levels in Canada as
/ _( d( W. X' a3 gthey develop the projects over the next three years and to maintain: d2 l" Y6 ]+ g7 U& p
an Alberta head office for operating companies associated with the
$ I# V' m7 h( F3 Q$ ?5 X) oprojects for the next five years.
# s2 B8 m2 {0 |/ J4 b (The Canadian Press) |
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