OTTAWA - Ottawa has given its blessing to the sale of properties5 ?1 A0 E2 x$ U& Z1 D! T
owned by Athabasca Oil Sands Corp. to a Chinese company.0 k2 r8 }1 ~4 r6 W& t/ k. S+ ~+ z
Federal Industry Minister Tony Clement says he has reviewed the 1 G6 ~% D$ H% E: l0 c/ Edeal between Athabasca and PetroChina International Investment Co. 7 _9 F: G9 E- ?4 _# J0 D, |Ltd. and finds its is likely to be of net benefit to Canada. . b; U: G) S/ V, r6 T7 n Clement says PetroChina and its parent, PetroChina Co. Ltd., have" c K$ d' S' p! i8 k% f9 }
made a number of significant commitments should they be allowed to X: i2 S% H7 n6 u1 ^acquire control of the MacKay and Dover oil sands projects.5 }% A p6 l* }
Among other things, the Chinese concerns have agreed to capital; k' z1 a0 S; C5 S. V8 |6 q. Y2 W
expenditures in excess of $250 million for developing the properties7 D" v8 G+ ?. n6 z, s4 i
over the next three years. # M; A# Z0 W! [1 L$ [ They have also pledged to increase employment levels in Canada as! J: J. @" d0 F! N ~+ a7 o
they develop the projects over the next three years and to maintain ) g; p# `# K3 y- S4 Van Alberta head office for operating companies associated with the& G5 n! h/ ?3 p5 W6 ?7 X1 s
projects for the next five years. # e2 h5 A* p- q0 W9 s" c( Z2 G0 T (The Canadian Press)