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OTTAWA - Ottawa has given its blessing to the sale of properties
( k7 U1 }: y# n7 ] Iowned by Athabasca Oil Sands Corp. to a Chinese company.
7 Q: K- ~- D7 H, }% S; ?; ] Federal Industry Minister Tony Clement says he has reviewed the6 j. x- o% l7 m0 Z$ y9 k+ ~9 M
deal between Athabasca and PetroChina International Investment Co.
* m: @+ G D7 K7 F- C% b9 S( E1 t! RLtd. and finds its is likely to be of net benefit to Canada.
/ _7 u0 a% G0 r, } Clement says PetroChina and its parent, PetroChina Co. Ltd., have" q; }, i( o X0 C+ }' P
made a number of significant commitments should they be allowed to U- `; p. r$ z b) r" |8 v
acquire control of the MacKay and Dover oil sands projects.
+ N: f; P' `) p( v3 ]- d. S/ h Among other things, the Chinese concerns have agreed to capital
+ v2 z8 v& ~; P/ V' i/ `6 i; Gexpenditures in excess of $250 million for developing the properties* T0 @; E1 M4 J, L) T
over the next three years.9 e4 P# s% z! x; _
They have also pledged to increase employment levels in Canada as' h, b: J$ |8 l( d \3 e e9 K
they develop the projects over the next three years and to maintain
8 [6 T& I( T7 ~an Alberta head office for operating companies associated with the
) @) \2 T% S# R, F2 ^projects for the next five years.! v& B( Q: o! k5 P7 v
(The Canadian Press) |
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