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OTTAWA - Ottawa has given its blessing to the sale of properties
- J9 F2 |, U8 a4 H7 aowned by Athabasca Oil Sands Corp. to a Chinese company.% ^, w& I3 v- E* Q" S d
Federal Industry Minister Tony Clement says he has reviewed the
! M& a( ]2 Y( D6 s! \ \deal between Athabasca and PetroChina International Investment Co.3 u- z; K {1 R
Ltd. and finds its is likely to be of net benefit to Canada.
; }" r6 H0 u' ]- s/ } Clement says PetroChina and its parent, PetroChina Co. Ltd., have& Z8 v& R% _3 F
made a number of significant commitments should they be allowed to4 n. G* Q% j) C/ ?9 l8 H
acquire control of the MacKay and Dover oil sands projects.
& i: a( x2 M& F6 ?9 p Among other things, the Chinese concerns have agreed to capital
~8 \; ?( a0 c4 Q9 h3 [( Yexpenditures in excess of $250 million for developing the properties
a+ d2 T" @7 y# j) x# kover the next three years.0 K) ?/ R$ E; f% d9 z2 V
They have also pledged to increase employment levels in Canada as
- u3 L) x/ @! u9 F. [they develop the projects over the next three years and to maintain
$ W( U2 o% y8 {; Nan Alberta head office for operating companies associated with the
: f# h) y/ G! M3 P' a0 G- lprojects for the next five years.6 Y. u+ l' z6 n% P4 M
(The Canadian Press) |
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