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OTTAWA - Ottawa has given its blessing to the sale of properties. ]/ \4 S) v& E% e& z
owned by Athabasca Oil Sands Corp. to a Chinese company.5 b- H( S) _, {- u1 `& a- S. H
Federal Industry Minister Tony Clement says he has reviewed the
0 J- g' K1 a. E' F3 bdeal between Athabasca and PetroChina International Investment Co.
, Z: |9 I; X$ fLtd. and finds its is likely to be of net benefit to Canada.
; }/ l7 H. x/ f+ H i( c( w Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, W- t- G% N: P j/ Fmade a number of significant commitments should they be allowed to
6 i* G- D k8 Z3 d2 Z' Facquire control of the MacKay and Dover oil sands projects.4 B$ }+ {: N _. }. m0 C7 Q, y
Among other things, the Chinese concerns have agreed to capital
' z/ i; S6 v% u9 o) B$ wexpenditures in excess of $250 million for developing the properties
# V& w2 ~' G9 t& H nover the next three years." ^2 I1 m% ?" }2 n& T0 X- k( b
They have also pledged to increase employment levels in Canada as6 J! `/ b$ Z+ Z9 Z8 ^! \, i5 N
they develop the projects over the next three years and to maintain" C8 z+ n5 M0 B. z
an Alberta head office for operating companies associated with the5 @' Q/ w) T. u
projects for the next five years.
. a! u$ ]" n8 t+ f$ I5 [ (The Canadian Press) |
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