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OTTAWA - Ottawa has given its blessing to the sale of properties
5 {- K5 z8 Z0 i% ]* Sowned by Athabasca Oil Sands Corp. to a Chinese company.$ Q7 ~( T9 N% T6 a4 [6 _, F! |8 f
Federal Industry Minister Tony Clement says he has reviewed the+ g( I+ |" [. `2 a9 @+ v _
deal between Athabasca and PetroChina International Investment Co.8 S, [. R) a! o" u; V$ b( |# z" `
Ltd. and finds its is likely to be of net benefit to Canada.
$ ^4 E1 b) [$ |$ \+ ^0 N+ S Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ ]0 S+ {5 V1 k9 b1 ?
made a number of significant commitments should they be allowed to& n7 I) h. N/ _. X& Q" K# U, O( ^# g
acquire control of the MacKay and Dover oil sands projects.9 ^; y3 s) B9 H, f( f5 A* R2 }; z
Among other things, the Chinese concerns have agreed to capital) k( c$ m. @2 E" G0 k, K
expenditures in excess of $250 million for developing the properties) F5 K* M; {. ~! q& A; U1 C& M( J
over the next three years.; v/ b3 x2 v1 {" m2 c$ h
They have also pledged to increase employment levels in Canada as
5 X" _; A& r0 m9 L7 n8 qthey develop the projects over the next three years and to maintain
0 h& ]7 J/ h2 f2 Nan Alberta head office for operating companies associated with the
5 \* |+ o+ Y% k9 F# t# p% Xprojects for the next five years.
. z& G9 b( v& A0 {7 d( [2 g2 ?8 c (The Canadian Press) |
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