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OTTAWA - Ottawa has given its blessing to the sale of properties
' t5 c! \- W; P; i6 l# |owned by Athabasca Oil Sands Corp. to a Chinese company.
; ~" D! | u9 `$ U0 D5 C Federal Industry Minister Tony Clement says he has reviewed the6 |0 G. }; J ~8 f
deal between Athabasca and PetroChina International Investment Co.
, a6 c1 l! j- Z4 cLtd. and finds its is likely to be of net benefit to Canada.
- ~9 D! f$ |& J; i$ y Clement says PetroChina and its parent, PetroChina Co. Ltd., have* }: s$ E% M; y2 t/ n J$ e
made a number of significant commitments should they be allowed to6 ?! @1 `& c; a3 i: {
acquire control of the MacKay and Dover oil sands projects., V8 L5 _2 c t* n4 K3 j
Among other things, the Chinese concerns have agreed to capital+ z* F2 b4 {& C$ c' q- }
expenditures in excess of $250 million for developing the properties
* D& R6 W5 t+ xover the next three years. T# W+ }% y k# H; ]5 W# W* b& d
They have also pledged to increase employment levels in Canada as
; j2 w' J( p; `: sthey develop the projects over the next three years and to maintain
/ e0 Z6 K7 L. @" T, ^9 Q3 ?an Alberta head office for operating companies associated with the
% C7 Z# i1 |5 [3 R) |% Tprojects for the next five years.
) |) \. P: o# g. \3 @ (The Canadian Press) |
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