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OTTAWA - Ottawa has given its blessing to the sale of properties. @4 [' h. e$ Z- `" q
owned by Athabasca Oil Sands Corp. to a Chinese company.* P5 D$ b3 X: v2 @# \' n
Federal Industry Minister Tony Clement says he has reviewed the
9 a) ?: I4 {& `( Sdeal between Athabasca and PetroChina International Investment Co.6 w" _+ G- ^8 \
Ltd. and finds its is likely to be of net benefit to Canada.
, a% g" o) g! s& m Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 E0 x* k9 _0 A J
made a number of significant commitments should they be allowed to
: D& S0 u% v3 ^# T/ O7 D5 E; |3 `, m6 ~acquire control of the MacKay and Dover oil sands projects.( M: a& [$ y! ]% H7 N4 e: A
Among other things, the Chinese concerns have agreed to capital
/ ~: H/ ]6 g" Fexpenditures in excess of $250 million for developing the properties5 i- \1 q, U" A+ [
over the next three years.) f+ F3 [! u+ u) `, k! q0 q
They have also pledged to increase employment levels in Canada as
: ]* }( W+ n1 g$ Q8 zthey develop the projects over the next three years and to maintain
1 s2 c5 v2 C3 G9 ran Alberta head office for operating companies associated with the. {) M/ N. r* \* u- o+ b1 \8 @0 Q
projects for the next five years.3 y$ X: N+ F% ]( z1 G: S! |
(The Canadian Press) |
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