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OTTAWA - Ottawa has given its blessing to the sale of properties
" y% R# c7 C5 E! }owned by Athabasca Oil Sands Corp. to a Chinese company.5 b5 |8 o& `$ P( {' ^! ^
Federal Industry Minister Tony Clement says he has reviewed the
6 T% \; f: A5 ~ z0 m& \/ ?deal between Athabasca and PetroChina International Investment Co.
* N% A( V9 p& Y9 p' t3 G2 rLtd. and finds its is likely to be of net benefit to Canada.
1 z" N8 _# I# Y" d) [( I9 N0 d Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 [1 A# E+ c- l; s5 V& x3 hmade a number of significant commitments should they be allowed to2 f9 ?1 q0 u8 W/ ^0 W/ ]8 Q% b
acquire control of the MacKay and Dover oil sands projects.$ V4 a- v1 Q3 I, \0 V0 A8 j6 t3 m
Among other things, the Chinese concerns have agreed to capital! x5 U1 X0 O: ~
expenditures in excess of $250 million for developing the properties! w! K1 E! \; s A+ e* ?4 P' l+ r
over the next three years.& k' @1 l3 `) y8 f
They have also pledged to increase employment levels in Canada as8 }8 e) X. v+ Y+ @" U# p" R+ k
they develop the projects over the next three years and to maintain
7 F+ m0 e+ }; R' l, I& U" P. \an Alberta head office for operating companies associated with the
- I2 `4 c' n3 [1 U4 x6 oprojects for the next five years.! {, |9 ?* m) L# Y
(The Canadian Press) |
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