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OTTAWA - Ottawa has given its blessing to the sale of properties
0 D4 L4 H6 c, P7 c+ _+ z2 [owned by Athabasca Oil Sands Corp. to a Chinese company.
5 s( [3 k d# s; i7 o A" w) o Federal Industry Minister Tony Clement says he has reviewed the
9 x+ F! A% Z' m$ C$ fdeal between Athabasca and PetroChina International Investment Co.3 \* n3 `. g! r3 Y) v3 j
Ltd. and finds its is likely to be of net benefit to Canada.
( }6 C/ ?+ P# @$ r- Y! k/ a" A Clement says PetroChina and its parent, PetroChina Co. Ltd., have* W7 g3 R6 t/ j5 i$ k7 [
made a number of significant commitments should they be allowed to3 C2 Y$ k0 n+ P. Q$ a
acquire control of the MacKay and Dover oil sands projects.
& N& d O- N8 Y; d Among other things, the Chinese concerns have agreed to capital+ ], V. D/ t' Z4 d$ H( q
expenditures in excess of $250 million for developing the properties
2 D5 F8 l1 D+ ? Dover the next three years.: x$ ?: @. A/ @, [+ M0 ]
They have also pledged to increase employment levels in Canada as
) r7 ~: i" b' \) f! h5 jthey develop the projects over the next three years and to maintain- z9 C* @/ |7 {) b x% a/ ?0 h# \
an Alberta head office for operating companies associated with the
% l& r" Z& h* \% I1 iprojects for the next five years.
4 W7 t: U' ^ W% w* p" h7 X: m (The Canadian Press) |
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