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OTTAWA - Ottawa has given its blessing to the sale of properties
# O/ R# K' v2 s: g! Bowned by Athabasca Oil Sands Corp. to a Chinese company.
3 m9 Q' Z L b( f- i( m" h; H Federal Industry Minister Tony Clement says he has reviewed the7 g8 g- ]5 l: D/ W
deal between Athabasca and PetroChina International Investment Co., C2 i9 A1 J5 B7 v5 k7 P
Ltd. and finds its is likely to be of net benefit to Canada.; H: h9 o+ y- N6 \7 M. m
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
) P" m3 I6 v$ V& O7 Cmade a number of significant commitments should they be allowed to
# s3 _. q& ~6 Macquire control of the MacKay and Dover oil sands projects." Y$ D4 q3 o' Q9 ]4 ?
Among other things, the Chinese concerns have agreed to capital' S. y/ Y' h% j: @) n
expenditures in excess of $250 million for developing the properties
6 Q2 V- Y2 K: {3 |; E1 |+ S4 r4 Pover the next three years.
. H( _2 E! ]5 s& p$ T! v9 g They have also pledged to increase employment levels in Canada as
" g1 d1 F, e8 r( `1 B* H& \they develop the projects over the next three years and to maintain$ a9 a" u) h# Z. \( F- n2 A$ O
an Alberta head office for operating companies associated with the- {9 k/ {! K# ~3 _" m
projects for the next five years.
! o6 l4 b2 y0 k# ~% \9 E! i& q (The Canadian Press) |
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