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OTTAWA - Ottawa has given its blessing to the sale of properties4 U2 g. }7 R1 N; ]2 Q
owned by Athabasca Oil Sands Corp. to a Chinese company.! M" i k. i2 d$ B* B( N8 R
Federal Industry Minister Tony Clement says he has reviewed the8 ^* E, L. R2 Y7 D, B) v3 F
deal between Athabasca and PetroChina International Investment Co./ w: P! L+ F( f
Ltd. and finds its is likely to be of net benefit to Canada., R+ z/ }/ }: K4 s9 e0 {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have( [1 O: i5 N+ N3 q! S
made a number of significant commitments should they be allowed to7 C& \' u- s7 ^! _* R
acquire control of the MacKay and Dover oil sands projects.# u0 _6 ]4 X( C% o+ ^8 g1 q- H6 L
Among other things, the Chinese concerns have agreed to capital
. J* c ?5 w3 S. ^# B" P# m4 h- Pexpenditures in excess of $250 million for developing the properties/ x& ~" h/ a; r
over the next three years.
5 n$ `( r7 z ?* ]1 f# F They have also pledged to increase employment levels in Canada as- J* b+ q, L: m' C& w
they develop the projects over the next three years and to maintain: ]! j. q3 f O/ O6 x. U4 i
an Alberta head office for operating companies associated with the: S k: Y1 r8 |) U, ~; r' ~$ C
projects for the next five years.1 ^7 z, F( [$ \5 p* a
(The Canadian Press) |
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