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OTTAWA - Ottawa has given its blessing to the sale of properties! z; q. d4 J# p+ z$ w. B
owned by Athabasca Oil Sands Corp. to a Chinese company.
5 U5 h. Q# H& t! F7 L Federal Industry Minister Tony Clement says he has reviewed the
) x. {0 j1 {% Y& ~deal between Athabasca and PetroChina International Investment Co.
' V+ r. }9 X& a {* d' a& HLtd. and finds its is likely to be of net benefit to Canada.0 m8 t# Q6 [" H% `( @
Clement says PetroChina and its parent, PetroChina Co. Ltd., have+ |8 e; I6 f+ V1 x" {
made a number of significant commitments should they be allowed to2 i5 W( ?4 V# u
acquire control of the MacKay and Dover oil sands projects.
' O8 D% Q g, t+ L Among other things, the Chinese concerns have agreed to capital( Z& Z# l4 {3 p3 S2 T2 j
expenditures in excess of $250 million for developing the properties
8 `% m; s! ^# ?/ |5 Fover the next three years.! Y* ?0 l6 Z, E( r( Z
They have also pledged to increase employment levels in Canada as! q1 L& ]/ x1 ^- A! X$ m
they develop the projects over the next three years and to maintain( Q) R3 _( h# d
an Alberta head office for operating companies associated with the+ | L2 z3 p' ~
projects for the next five years.# J1 a: y7 q8 |# e# Y8 N6 x; K
(The Canadian Press) |
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