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OTTAWA - Ottawa has given its blessing to the sale of properties8 Z* Z+ x( {; w2 o$ o
owned by Athabasca Oil Sands Corp. to a Chinese company.( N# ]2 r5 ]" H: u
Federal Industry Minister Tony Clement says he has reviewed the
9 I7 Y2 @9 C" y- p* ndeal between Athabasca and PetroChina International Investment Co.
8 y9 c! H8 L H' Z5 o h1 }Ltd. and finds its is likely to be of net benefit to Canada.$ D3 \# p" n' q' K/ g' K* `
Clement says PetroChina and its parent, PetroChina Co. Ltd., have* C* M9 D( ]! a/ ]+ y% e4 B
made a number of significant commitments should they be allowed to
8 a! ^, U6 O; ~+ |; Y/ c. Hacquire control of the MacKay and Dover oil sands projects., n3 V: h$ T( i ?5 U" M! C- N# e
Among other things, the Chinese concerns have agreed to capital
9 y6 d+ H/ `* ~) r+ r4 V( pexpenditures in excess of $250 million for developing the properties5 a+ r' {1 B" q: J4 u+ M- i B
over the next three years.! ^: ]$ x9 ^: i: k: M
They have also pledged to increase employment levels in Canada as* `: B' L; q8 ~* @7 L- d9 v1 K
they develop the projects over the next three years and to maintain
6 G: A( J6 N/ h$ X" B( D) [an Alberta head office for operating companies associated with the' w2 H: X0 N5 |; V" I
projects for the next five years.
5 [9 p0 V! s4 z( ]& U t: D (The Canadian Press) |
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